Citigroup's Shanghai and Dalian technical departments will reduce staff by 3,500 people, with compensation of up to N+6.

On June 5, Citigroup announced as part of its ongoing global simplification efforts, it will make further adjustments to its global technology and business support departments, streamlining its global technology solutions centers located in Shanghai and Dalian, China, by reducing approximately 3,500 technical staff. A reporter from 21st Century Business Herald exclusively learned from employees at Citigroup's Shanghai technology center that on the morning of June 5, Citigroup's financial departments held a meeting to announce the compensation plan for terminating labor contracts. Citigroup will arrange for the signing of negotiated termination agreements in batches, with compensation above the statutory standards.