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In a massive development for global business and demand loss Citigroup Inc. has announced its plan to cut around 3500 jobs at its technology centres in Shanghai and Dalian China by early Q4 2025. It has also announced that the job cuts are being done aimed at its global effort to simplify operations and improve risk and data management. Here are all the details you need to know about the recent step by Citigroup. Citi continues to pursue the establishment of a wholly owned securities and futures company in China Marc Luet banking head of Japan Asia North and Australia was quoted as saying by a report by the Economic Times. Citi’s broader strategy The downsizing move reportedly comes after Citi’s broader strategy to reduce its reliance on IT contractors. The group is reportedly aiming to strengthen internal IT capabilities after regulatory scrutiny over data governance. The Economic Times report also says that Citi will only have around 2000 staff in China after the tech job cuts including a few hundred at the tech unit. Chinese Vice Premier meets Chair of Citigroup In a recent development for the Citigroup Chinese Vice Premier He Lifeng met with Chair of Citigroup John Dugan and CEO of Carlyle Group Harvey Schwartz separately in Beijing. The Chinese VP said that Chinas economy has continued its notable rebound while high-quality development efforts are resulting in solid progress demonstrating strong resilience and great vitality as per a report carried by Reuters. The Chinese Vice Premier added that China will continue to expand its high-level opening up to the outside world offering broad space for the long-term and stable development of multinational companies. Dugan said that Citigroup Inc. is willing to deepen its presence in the Chinese market and will further enhance investment cooperation with China. (With inputs from agencies)