Citigroup Inc. has moved close to 1,000 technology jobs to India after trimming its workforce in China, people familiar with the matter have reportedly revealed. The shift, carried out in phases over recent months, is part of the Wall Street bank’s wider restructuring programme aimed at simplifying global operations.
The jobs have been absorbed by Citi’s business- support centres across Indian cities including Bengaluru, Chennai, Pune and Mumbai. The bank already employs around 33,000 people in India, most of them in these Global Capability Centres (GCCs).
Indeed GCCs have become a critical part of multinational operations, and according to EY, now represent a $64 billion market.
Citigroup had announced in June that it would cut around 3,500 technology roles in China. Industry watchers say more global banks could increase reliance on India following the US government’s recent move to impose $100,000 fees on new H-1B visa applications, raising the cost of overseas hiring.
During her visit to India, Jane Fraser, CEO, Citigroup underlined the country’s continued importance to the bank’s global technology operations. She said artificial intelligence (AI) will transform how businesses function but stressed that India’s IT sector will benefit, not suffer, from the transition. According to Fraser, India’s skilled and creative workforce remains its biggest strength in the global technology landscape.
Citi has already rolled out AI tools to more than 1,40,000 employees worldwide, driving efficiency, improving workflows and fostering innovation. Fraser noted that these advances have enabled the bank to insource more work, further strengthening its reliance on its Indian technology teams.
She also reaffirmed Citi’s long-term partnerships with Indian IT service providers. While the nature of work is evolving, Fraser emphasised that these strategic relationships will remain vital to Citi’s operations.
