Citi to lay off 3500 tech staff in China
Citi is to lay off 3500 tech staff in China as part of a major revamp of the bank's global operations.
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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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Despite a solid working relationship with Trump during his first term, the enigmatic tech leader called on Trump to skip the 2024 race. "I don't hate the man, but it's time for Trump to hang up his hat & sail into the sunset," Musk wrote on X."Trump would be 82 at end of term, which is too old to be chief executive of anything, let alone the United States of America." The post was not without provocation — Trump days earlier at a campaign rally in Alaska bashed Musk for his effort to purchase X, then known as Twitter, and for saying in an interview that he never voted for a Republican. "He told me he voted for me," Trump said at the rally. "He's another bulls--- artist." Musk in response threw his support behind Florida Gov. Ron DeSantis. "If DeSantis runs against Biden in 2024, then DeSantis will easily win — he doesn't even need to campaign," he wrote on X. 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August 2024: Trump and Musk hold campaign event on X In an event billed by Trump's campaign as "the interview of the century," Trump joined Musk for an online rally on X. The event was repeatedly delayed due to tech issues, but saw the pair bond over their shared disdain for Biden's immigration policies. It also saw Musk unsuccessfully try to prod Trump into prioritizing renewable energy over fossil fuels. October 2024: Musk joins Trump at Pennsylvania rally after spending millions When Trump returned to the site of the first assassination attempt against him, he shared the rally stage with Musk, who accused Democrats of seeking to take away voters' freedom of speech and right to bear arms. Musk emphatically encouraged Trump supporters to "vote, vote, vote." By October, Musk had already given nearly $75 million to the super PAC he created to support Trump, according to campaign finance filings. 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