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Investing.com -- Citigroup Inc (NYSE:C) is set to decrease its workforce at two of its technology centers in China by approximately 3,500, according to a statement released on Thursday.
This move is part of the bank’s strategy to simplify and reduce its global technology operations in an effort to enhance risk and data management.
Most of the impacted roles are within the IT services division, which supports Citi’s global operations by handling software development, system testing, maintenance, and other technology-related functions.
The layoffs are expected to take place at the China Citi Solution Centers located in Shanghai and Dalian.
The bank anticipates the staff reduction process to be completed by the start of the fourth quarter of this year.
Citigroup also announced that some of the roles from the impacted centers will be relocated to other Citi technology centers.
With a goal set last year to eliminate 20,000 jobs by the end of 2026, the bank is streamlining operations and boosting profitability to better compete with its peers.