Latest news with #CitigroupInc
Yahoo
17 hours ago
- Business
- Yahoo
Citigroup to cut 3,500 jobs at China tech centers
-- Citigroup Inc (NYSE:C) is set to decrease its workforce at two of its technology centers in China by approximately 3,500, according to a statement released on Thursday. This move is part of the bank's strategy to simplify and reduce its global technology operations in an effort to enhance risk and data management. Most of the impacted roles are within the IT services division, which supports Citi's global operations by handling software development, system testing, maintenance, and other technology-related functions. The layoffs are expected to take place at the China Citi Solution Centers located in Shanghai and Dalian. The bank anticipates the staff reduction process to be completed by the start of the fourth quarter of this year. Citigroup also announced that some of the roles from the impacted centers will be relocated to other Citi technology centers. With a goal set last year to eliminate 20,000 jobs by the end of 2026, the bank is streamlining operations and boosting profitability to better compete with its peers. Related articles Citigroup to cut 3,500 jobs at China tech centers BofA sees 62% surge in eVTOL adoption, fueling 'low-altitude' boom Procter & Gamble plans to slash 7,000 non-manufacturing jobs over next 2 years Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fashion Network
2 days ago
- Business
- Fashion Network
Chinese platinum jewelry demand remains muted, says refiner
Metals refiner Johnson Matthey Plc sees muted demand for platinum jewelry among Chinese consumers, in spite of a recent surge in imports by manufacturers that's straining global supplies of the metal. The world's second-biggest refiner of platinum group metals said strong physical demand from China has exacerbated tightness in the market and pushed prices to two-year highs, as the jewelry industry aggressively stockpiles the cheaper alternative to gold. But Johnson Matthey remains cautious on prospects for end-user demand, which is expected to climb only about 1% this year, according to the company's director of market research. 'Just because retailers and wholesalers are stocking up on platinum doesn't mean consumers are buying in,' said Rupen Raithatha, adding that the company's 2025 demand forecast was a conservative estimate. The resulting excess inventory could discourage future manufacturing, he added. Citigroup Inc. analysts said last week that Chinese buyers still favor gold over platinum jewelry, noting they would continue to monitor the market for a material shift in consumer behavior. Tepid consumption of platinum jewelry may offer relief to a market that's been under strain since fears over potential US tariffs saw traders race to deliver metal into New York warehouses to capitalize on extreme price dislocations. More recently, lease rates in London have also surged to near historic highs, underscoring supply tightness as metal flowed to China. Declining demand from the automotive sector — the metal's largest end-user — will also ensure there's no major structural uptrend in platinum prices in the long-term, according to Marcus Garvey, head of commodity strategy at Macquarie Group Ltd. Still, prices could remain elevated next year due to expectations of a multi-year supply deficit, he added. 'There is still above ground inventory, but China has effectively taken it out of the Western market.'
Fashion Network
2 days ago
- Business
- Fashion Network
Chinese platinum jewelry demand remains muted, says refiner
Metals refiner Johnson Matthey Plc sees muted demand for platinum jewelry among Chinese consumers, in spite of a recent surge in imports by manufacturers that's straining global supplies of the metal. The world's second-biggest refiner of platinum group metals said strong physical demand from China has exacerbated tightness in the market and pushed prices to two-year highs, as the jewelry industry aggressively stockpiles the cheaper alternative to gold. But Johnson Matthey remains cautious on prospects for end-user demand, which is expected to climb only about 1% this year, according to the company's director of market research. 'Just because retailers and wholesalers are stocking up on platinum doesn't mean consumers are buying in,' said Rupen Raithatha, adding that the company's 2025 demand forecast was a conservative estimate. The resulting excess inventory could discourage future manufacturing, he added. Citigroup Inc. analysts said last week that Chinese buyers still favor gold over platinum jewelry, noting they would continue to monitor the market for a material shift in consumer behavior. Tepid consumption of platinum jewelry may offer relief to a market that's been under strain since fears over potential US tariffs saw traders race to deliver metal into New York warehouses to capitalize on extreme price dislocations. More recently, lease rates in London have also surged to near historic highs, underscoring supply tightness as metal flowed to China. Declining demand from the automotive sector — the metal's largest end-user — will also ensure there's no major structural uptrend in platinum prices in the long-term, according to Marcus Garvey, head of commodity strategy at Macquarie Group Ltd. Still, prices could remain elevated next year due to expectations of a multi-year supply deficit, he added. 'There is still above ground inventory, but China has effectively taken it out of the Western market.'
Fashion Network
2 days ago
- Business
- Fashion Network
Chinese platinum jewelry demand remains muted, says refiner
Metals refiner Johnson Matthey Plc sees muted demand for platinum jewelry among Chinese consumers, in spite of a recent surge in imports by manufacturers that's straining global supplies of the metal. The world's second-biggest refiner of platinum group metals said strong physical demand from China has exacerbated tightness in the market and pushed prices to two-year highs, as the jewelry industry aggressively stockpiles the cheaper alternative to gold. But Johnson Matthey remains cautious on prospects for end-user demand, which is expected to climb only about 1% this year, according to the company's director of market research. 'Just because retailers and wholesalers are stocking up on platinum doesn't mean consumers are buying in,' said Rupen Raithatha, adding that the company's 2025 demand forecast was a conservative estimate. The resulting excess inventory could discourage future manufacturing, he added. Citigroup Inc. analysts said last week that Chinese buyers still favor gold over platinum jewelry, noting they would continue to monitor the market for a material shift in consumer behavior. Tepid consumption of platinum jewelry may offer relief to a market that's been under strain since fears over potential US tariffs saw traders race to deliver metal into New York warehouses to capitalize on extreme price dislocations. More recently, lease rates in London have also surged to near historic highs, underscoring supply tightness as metal flowed to China. Declining demand from the automotive sector — the metal's largest end-user — will also ensure there's no major structural uptrend in platinum prices in the long-term, according to Marcus Garvey, head of commodity strategy at Macquarie Group Ltd. Still, prices could remain elevated next year due to expectations of a multi-year supply deficit, he added. 'There is still above ground inventory, but China has effectively taken it out of the Western market.'
Fashion Network
2 days ago
- Business
- Fashion Network
Chinese platinum jewelry demand remains muted, says refiner
Metals refiner Johnson Matthey Plc sees muted demand for platinum jewelry among Chinese consumers, in spite of a recent surge in imports by manufacturers that's straining global supplies of the metal. The world's second-biggest refiner of platinum group metals said strong physical demand from China has exacerbated tightness in the market and pushed prices to two-year highs, as the jewelry industry aggressively stockpiles the cheaper alternative to gold. But Johnson Matthey remains cautious on prospects for end-user demand, which is expected to climb only about 1% this year, according to the company's director of market research. 'Just because retailers and wholesalers are stocking up on platinum doesn't mean consumers are buying in,' said Rupen Raithatha, adding that the company's 2025 demand forecast was a conservative estimate. The resulting excess inventory could discourage future manufacturing, he added. Citigroup Inc. analysts said last week that Chinese buyers still favor gold over platinum jewelry, noting they would continue to monitor the market for a material shift in consumer behavior. Tepid consumption of platinum jewelry may offer relief to a market that's been under strain since fears over potential US tariffs saw traders race to deliver metal into New York warehouses to capitalize on extreme price dislocations. More recently, lease rates in London have also surged to near historic highs, underscoring supply tightness as metal flowed to China. Declining demand from the automotive sector — the metal's largest end-user — will also ensure there's no major structural uptrend in platinum prices in the long-term, according to Marcus Garvey, head of commodity strategy at Macquarie Group Ltd. Still, prices could remain elevated next year due to expectations of a multi-year supply deficit, he added. 'There is still above ground inventory, but China has effectively taken it out of the Western market.'
