Citi is planning to let go of up to 200 IT contractors in China as part of its strategy to streamline its workforce and enhance data governance. This move comes after regulatory scrutiny over data management systems and aligns with the bank’s shift towards hiring full-time staff for its technology needs.
Key Points
- Citi is cutting up to 200 IT contractor roles in China, with 100 already notified of non-renewal of contracts.
- The cuts are part of a broader initiative to increase full-time technology staff from 48,000 to 50,000 globally.
- The bank aims to reduce reliance on external contractors from 50% to 20% to better manage risks and meet regulatory compliance.
- Affected contractors may receive severance packages based on their years of service.
- This move is reflective of a trend among global firms reducing dependence on China for IT services.
Why should I read this?
If you’re interested in the evolving landscape of tech jobs within global banks, this article highlights significant changes happening at Citi that may set a precedent for others in the industry. With the focus on reducing contractor roles, it raises questions about job stability and the future of tech contracting in China. We’ve done the digging, so you can stay informed without the hassle.
