Exclusive-Citi to cut up to 200 tech contractor roles in China, sources say

Selena Li

Fri, May 16, 2025, 2:55 AM 2 min read

By Selena Li

HONG KONG (Reuters) -Citigroup is cutting up to 200 accusation exertion (IT) contractor roles successful China, 2 radical acquainted with the substance said, arsenic the slope looks to prosecute its ain unit globally for specified operations to amended hazard absorption and information governance.

Last July, U.S. slope regulators fined Citi $136 cardinal for making "insufficient progress" fixing information absorption issues and the IT revamp underscores Citi's efforts to conscionable regulatory demands.

Around 100 IT unit successful China were informed this week that their contracts volition not beryllium renewed, and different 100 are apt to person their termination notices soon, said the people, who declined to beryllium named owed to sensitivity of the matter. The occupation cuts person not been reported previously.

The unit are employed by Citigroup Services and Technology China, a wholly-owned China portion Citi established successful 2002, which has astir 3,000 employees successful total, according to the sources.

It was not instantly wide however galore of those employees are contractors.

The portion supports the bank's planetary businesses - including concern and user banking - successful 20 countries and regions including New York, London and Hong Kong, its website shows.

Citi's caput of exertion Tim Ryan told unit earlier this twelvemonth that the slope aimed to trim the stock of outer contractors successful IT to 20% from the existent 50%, according to an interior presumption to employees seen by Reuters.

At the aforesaid time, the Wall Street slope planned to prosecute much staff, aiming to rise exertion headcount to 50,000 from 48,000 successful 2024, the presumption showed.

In China, Citi is offering astir of the affected contractors a severance bundle based connected their years of service, the sources said.

"As portion of the regular concern operations of Citigroup Services and Technology (China) Limited (CSTC), we reappraisal our HR strategy connected an ongoing basis, including decisions astir renewing (fixed term) employment contracts," said Citi successful a statement.

"When decisions are made connected non-renewal of fixed word contracts, this volition beryllium done successful compliance with applicable laws, regulations and procedures. We are committed to supporting impacted employees."

Besides its IT operations, Citi has banking concern successful China and is successful the process of mounting up a securities portion there.

The cutting of IT contractor jobs successful China has nary interaction connected Citi's concern strategy and committedness to some section and planetary clients successful that market, said a spokesperson for the slope successful Hong Kong.

Other planetary fiscal firms person besides taken steps to trim their dependence connected China arsenic an IT and work outsourcing destination, arsenic costs rise, and geopolitical uncertainties and caller regulations weigh.