Citi to lay off 3500 tech staff in China
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The jobs affected are mostly in the information technology services unit, providing software technology development, testing and maintenance and operational services for Citi's global business.
Citi say some of the roles will be relocated to the US and other sites, but declined to provide specific details.
'China has always been an important part of Citi's global network and business development. We will continue to firmly serve corporate and institutional clients in China and serve their cross-border banking needs,' Marc Luet, president of Citi Japan North Asia and Australia said in a statement.
The switch comes amid heightened tensions between China and the US, as Donald Trump's tariffs mania leads to a further deteriortation in relations between the two global superpowers.
Citi in May hired former US trade representative Robert Lighthizer to advise on tariff implications. Lighthizer served during Trump's first term, imposing tariffs on China and renegotiating the North American Free Trade Agreement (NAFTA) with Mexico and Canada.
A business survey from the American Chamber of Commerce in China showed the share of US companies in China considering to relocate manufacturing or sourcing out of China hit a record high, at the outset of Trump's second term.
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Spectator
13 minutes ago
- Spectator
What will happen in Alaska?
The Trump-Putin summit in Alaska could be the flop of the century or turn out to be the first step towards negotiating a ceasefire in Ukraine and eventually an end to the war. The White House has been trying to downgrade expectations of any breakthrough and has described the meeting on Friday as an opportunity for President Trump to listen to President Putin's pitch and assess whether the Russian leader actually wants peace or not. Trump says he will be able to do this within two minutes. While it might be sensible to lower expectations, always a favourite ploy of political leaders, the Anchorage summit might just be different. First of all, Putin asked for it, and secondly, he has hanging over his head Trump's threats to ratchet up economic sanctions. If Putin plans to pursue his war in Ukraine and, possibly, have other military adventures in the future, he can ill afford Russia's economy to worsen. The key to the summit will be whether Putin shows even a hint of compromise. If Putin starts the session with a drawn-out monologue about how the war can never come to an end without the 'root causes' being accepted and respected by Trump – principally Nato's open-door policy which allowed Ukraine to be considered as a future member of the alliance – then the talks may never get off the ground. However, Putin has learned much from his relatively long association with Trump. He knows Trump is sceptical of Ukraine ever joining Nato, and he will be hopeful that he can get that in writing, something which America's western alliance partners will be desperate to prevent. The alternative, at this stage no doubt unacceptable in Moscow, would be a cleverly-framed security guarantee agreement in which Ukraine would have US and European military backing to deter Moscow from launching any future invasion of Ukraine. It would be a sort of Nato-lite arrangement. If that were to happen, then Kyiv might be persuaded to give up some of the Russian-occupied territory in eastern and southern Ukraine (as well as Crimea). At the moment, President Zelensky and nearly all European leaders are adamantly opposed to any land-swap. The wily Senator Lindsey Graham, a Trump supporter and a veteran international security affairs protagonist, said in an NBC News interview at the weekend that land exchanges would only happen 'after you have security guarantees to Ukraine to prevent Russia from doing this again.' 'You need to tell Putin what happens if he does it a third time,' Graham said, referencing Russia's annexing of Crimea in 2014 and the invasion of Ukraine on 24 February, 2022. One bizarre option for the occupied territories supposedly discussed by Steve Witkoff, Trump's special envoy, is to convert them into Moscow-governed regions without Kyiv having to concede sovereignty. According to a report in the Times, it would be a formula similar in style and structure to the Palestinian territory of the West Bank, which is occupied by Israeli troops. The idea would be to get round Ukraine's constitution which disallows any ceding of territory unless approved by a national referendum. The White House gave the idea short shrift. So who will have the upper hand at the Friday summit to be held at Joint Base Elmendorf-Richardson, 11 miles north-east of Anchorage and 4,500 miles from Moscow? Despite being a self-professed dealmaker, Trump will be at a disadvantage. He has already indicated that any peace deal is bound to involve Moscow holding on to some of the territory it is currently occupying. Crimea is a given in his mind and key parts of Donbas, consisting of the eastern regions of Luhansk and Donetsk, are also likely to be prominent in his land-swap blueprint. But he has President Zelensky and European allies ranged against him. Zelensky refuses to consider any handover of territory occupied by Russian invaders and he, and Europe, say concessions of this nature would be an invitation to Putin to plot further aggression in the future. This argument will have been underlined during the video conference yesterday between Trump, Zelensky and key European leaders, including Keir Starmer. Trump knows all the arguments. He has heard them over and over again. But he seems to feel that Putin is ready for a deal of some sort, and he wants to exploit that to find a way of avoiding all the fears emanating from Kyiv and European capitals. Trump does have cards of his own. If Putin declines a ceasefire, Trump has serious sanctions at- the-ready, including penalising all countries still buying cheap Russian oil. He can also tell Putin that if he rejects all attempts to stop the bombing of Ukrainian cities, the US will start delivering to Kyiv on a large scale the sort of long-range weapons which can put military targets inside Russia at much greater risk. Putin doesn't have everything going his way. The battlefield landscape has changed in his favour, but not dramatically so. For example, Russian troops are trying to encircle and overcome Pokrovsk, a strategic city northwest of Donetsk which is vital for Ukrainian military resupply logistics. Although Russian forces have made tactical advances, they have failed to follow through with any significant success. This has been the story of the war in eastern Ukraine. Putin would have wanted a victory on the battlefield in this region to provide him with leverage at the Alaska summit. But Ukrainian temerity and the exploitation of advanced drone warfare have stymied the Russians. For the summit in Alaska to be deemed successful, much will obviously depend on the personal relationship between Trump and Putin. Trump seemed genuinely angry after he spoke on the phone to the Russian leader in early July only for Russia to launch 550 drones and missiles in one of the largest attacks on Ukraine. This is why Zelensky has emphasised repeatedly that Putin must agree to a ceasefire before any serious peace negotiations can begin. After Putin's previous blatant rejection of Trump's phone-call peace efforts, the US President will surely demand new ground rules when they sit down together at the military base near Anchorage. Ceasefire first, and then a framework for peace, with Zelensky invited as a co-participant.
Scottish Sun
13 minutes ago
- Scottish Sun
Kremlin confirms details of Putin-Trump talks in Alaska including JOINT press conference that may decide Ukraine's fate
CRUNCH SUMMIT Kremlin confirms details of Putin-Trump talks in Alaska including JOINT press conference that may decide Ukraine's fate Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) KREMLIN has confirmed key details of Donald Trump and Vladimir Putin's crunch talks in Alaska. The programme for the talks between Donald Trump and Vladimir Putin has been agreed, Kremlin aide Yuri Ushakov says. Sign up for Scottish Sun newsletter Sign up 1 Trump is reportedly planning to make a bombshell offer to Vladimir Putin to crack a ceasefire deal Credit: Reuters Ushakov said it will be a one-on-one meeting where "sensitive matters" will be discussed. Russian state news agency TASS revealed that the meeting will start at 11.30am Alaskan time (8.30pm UK). The crunch talks will be followed by a joint press conference by both leaders. More to follow... For the latest news on this story, keep checking back at The U.S. Sun, your go-to destination for the best celebrity news, sports news, real-life stories, jaw-dropping pictures, and must-see videos. Like us on Facebook at TheSunUS and follow us on X at @TheUSSun
Reuters
13 minutes ago
- Reuters
Putin, Trump to discuss 'huge' economic potential as well as Ukraine war, Kremlin says
MOSCOW, Aug 14 (Reuters) - Presidents Vladimir Putin and Donald Trump will discuss the "huge untapped potential" for Russia-U.S. economic ties as well as the prospects for ending the war in Ukraine when they meet in Alaska on Friday, Kremlin aide Yuri Ushakov said. Ushakov told reporters that the summit would start at 1930 GMT, with the two leaders meeting one-on-one, accompanied only by translators. He said delegations from the two countries would then meet and have a working lunch, and the presidents would give a joint news conference. Trump and Putin agreed last week to hold the meeting - the first summit between their countries since Putin met Joe Biden in June 2021 - as the U.S. president presses for an end to the 3-1/2-year-old war in Ukraine. Ushakov said it was "obvious to everyone" that Ukraine would be the focus of the meeting, but broader security and international issues would also be discussed. He added: "An exchange of views is expected on further developing bilateral cooperation, including in the trade and economic sphere. I would like to note that this cooperation has huge, and unfortunately hitherto untapped, potential." Ushakov, who is Putin's foreign policy adviser, said the other members of the Russian delegation would be Foreign Minister Sergei Lavrov, Defence Minister Andrei Belousov, Finance Minister Anton Siluanov and Kirill Dmitriev, Putin's special envoy for investment and economic cooperation.
