Citi has transitioned approximately 1,000 technology positions to support centers in India following significant layoffs in China, as reported by Bloomberg.
In June, the American banking institution announced the dismissal of around 3,500 tech employees in China as part of a comprehensive overhaul of its global operations. The affected roles predominantly belonged to the information technology services division, responsible for software development, testing, maintenance, and operational support for Citi’s global functions.
Initially, Citi indicated that some roles would be relocated but did not disclose specifics. Recent developments confirm that nearly 1,000 positions have been shifted to Indian business support centers over the past few months, adding to the bank’s existing workforce of over 30,000 in India.
This news follows a Bloomberg report highlighting that numerous U.S. financial institutions, including Citi, are increasingly relying on their Indian operations in response to recent changes in H-1B visa application fees instituted by U.S. President Donald Trump. These fees—amounting to $100,000—are expected to impact the tech and finance sectors significantly, which commonly utilize the H-1B visa program to hire skilled labor. Notably, Indian-born individuals represented 72.3% of all H-1B beneficiaries in the U.S. for the fiscal year ending September 2023.