Latest news with #TimRyan
Yahoo
20-05-2025
- Business
- Yahoo
Citigroup to Cut up to 200 IT Jobs in China to Enhance Risk Management
Citigroup Inc. C is planning to cut up to 200 information technology (IT) contractor jobs in China as part of a strategy to recruit its staff globally, aiming to improve risk management and data governance. This was reported by Reuters, citing people familiar with the matter. In July 2024, Citigroup was fined $136 million by U.S. regulators for failing to make adequate progress in resolving data management issues. The IT restructuring plan highlights C's intent to address regulatory requirements while simplifying its internal 100 IT staff at Citigroup Services and Technology China, Citigroup's wholly owned Shanghai subsidiary, were told this week that their contracts will not be renewed, and another 100 will receive layoff notices soon, per people familiar with the matter. The workers are part of Citigroup Services and Technology China, founded in 2002, which supports the bank's business in 20 countries and regions, including the United States, the United Kingdom, and Hong Citigroup's spokesperson, the reduction of IT contractor jobs in China has no impact on Citigroup's overall business strategy or its commitment to both local and global Reuters, Tim Ryan, Citigroup's head of technology, previously stated that the bank plans to reduce the percentage of contractors working on its IT staff from 50% to 20%. Citigroup is undergoing a major organizational overhaul, including 20,000 job cuts globally by 2026 as part of its strategy to streamline operations and improve efficiency. The restructuring aims to simplify governance, reduce management layers, and enhance profitability. These strategic moves align with Citigroup's broader goal of enhancing operational efficiency, with expected annualized run rate savings of $2-2.5 billion by from this major organizational realignment, Citigroup has been emphasizing growth in core businesses by shrinking international operations. In line with this, the bank completed its separation from the institutional banking business in Mexico, as well as its consumer, small, and middle market businesses, in December 2024. In June 2024, Citigroup also divested its onshore consumer wealth portfolio in China to HSBC Holdings plc. Additionally, the bank has exited retail banking operations in the UK, shifting its focus toward expanding personal banking and wealth management services. Further, as part of its strategy, Citigroup continued to make progress with the wind-down of its Korean consumer banking operations and its overall operations in Russia, as well as preparations for a planned initial public offering of its consumer banking and small business and middle-market banking operations in Mexico. Shares of Citigroup have gained 11.9% over the past six months compared with the industry's growth of 7.2%. Image Source: Zacks Investment Research Currently, C carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. This month, Reuters reported that HSBC Holdings plc HSBC plans to reduce its workforce in France by 348 jobs, accounting for approximately 10% of its staff in the country. This move is part of the overall cost-cutting strategy by CEO Georges Elhedery, aiming to reduce the expense by $1.5 billion by job reductions will be implemented through a voluntary redundancy scheme, allowing employees to exit on mutually agreed terms. These cuts are part of a broader program of HSBC aimed at simplifying operations and enhancing efficiency in an increasingly competitive last year, per a Bloomberg report, UBS Group AG UBS planned to cut jobs in France amid the country's sluggish economic growth and ongoing efforts to integrate Credit Suisse ('CS') following its acquisition in June informed that the bank's plan to cut jobs is being presented to its works council and measures to support the affected staff were to be developed in collaboration with employee representatives. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Citigroup Inc. (C) : Free Stock Analysis Report UBS Group AG (UBS) : Free Stock Analysis Report HSBC Holdings plc (HSBC) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
19-05-2025
- Business
- Yahoo
Citigroup to shed 200 IT contractor jobs in China
Citigroup is eliminating up to 200 IT contractor positions in China, reported Reuters, citing undisclosed sources. The news agency further noted that the bank seeks to hire more full-time staff to improve risk management and data governance. This decision follows a fine imposed by US bank regulators last year July, amounting to $136m, for Citigroup's "insufficient progress" in addressing data management issues. Last week, approximately 100 IT contractors at Citigroup Services and Technology China were informed that their contracts would not be renewed, with another 100 anticipated to be notified shortly. The sources noted that Citigroup Services and Technology China, founded in 2002, employs a total of around 3,000 individuals. It is currently unclear how many of these employees are contractors. The unit in question provides support for Citigroup's global operations, which span 20 countries and regions, including New York, London, and Hong Kong. Citi was quoted by Reuters as saying: "As part of the regular business operations of Citigroup Services and Technology (China) Limited (CSTC), we review our HR strategy on an ongoing basis, including decisions about renewing (fixed term) employment contracts." "When decisions are made on non-renewal of fixed term contracts, this will be done in compliance with applicable laws, regulations and procedures. We are committed to supporting impacted employees," the bank added. Earlier this year, Citigroup head of technology Tim Ryan, revealed plans to reduce the bank's reliance on external IT contractors, lowering their share of the workforce from 50% to 20%. In China, the bank is offering 'severance package' to most of the affected contractors, calculated based on their length of service. Citigroup's banking operations in China extend beyond IT, with plans underway to set up a securities division. A spokesperson for Citigroup in Hong Kong stated that the bank's business strategy and commitment to serving both local and global clients in China remain steadfast. For the first quarter of 2025, Citigroup reported a net income of $4.1bn on revenues of $21.6bn. "Citigroup to shed 200 IT contractor jobs in China " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
Yahoo
18-05-2025
- Politics
- Yahoo
The Spectrum: Tim Ryan; Vivek Ramaswamy; Ohio property taxes
COLUMBUS, Ohio (WCMH) – This week on The Spectrum: Democratic ex-Congressman Tim Ryan said his party's brand is toxic. Hear what he says needs to happen in order to win back Ohio voters. All eyes are on who Vivek Ramaswamy might choose as his gubernatorial running mate. We'll tell you which names are being floated to join the ticket. Attorney General Dave Yost drops out of Ohio's 2026 race for governor Columbus is part of a growing list of governments suing the Trump administration. Hear what Columbus City Attorney Zach Klein hopes to accomplish with the three lawsuits he's filed. An effort to amend the state's constitution and abolish property taxes is a step closer to getting on the ballot. Will it put pressure on lawmakers at the statehouse to deliver smaller relief? Republican strategist Katie Eagan and Democratic strategist Joe Rettof weigh in. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Straits Times
16-05-2025
- Business
- Straits Times
Citi to cut up to 200 tech contractor roles in China, sources say
Citi to cut up to 200 tech contractor roles in China, sources say HONG KONG – Citigroup is cutting up to 200 information technology (IT) contractor roles in China, two people familiar with the matter said, as the bank looks to hire its own staff globally for such operations to improve risk management and data governance. Last July, US bank regulators fined Citi US$136 million (S$176 million) for making 'insufficient progress' fixing data management issues, and the IT revamp underscores Citi's efforts to meet regulatory demands. Around 100 IT staff in China were informed this week that their contracts will not be renewed, and another 100 are likely to receive their termination notices soon, said the people, who declined to be named due to sensitivity of the matter. The job cuts have not been reported previously. The employees are employed by Citigroup Services and Technology China, a wholly owned China unit that Citi established in 2002, which has around 3,000 employees in total, according to the sources. It was not immediately clear how many of those employees are contractors. The unit supports the bank's global businesses, including investment and consumer banking, in 20 countries and regions including New York, London and Hong Kong, its website shows. Citi's head of technology Tim Ryan told staff earlier in 2025 that the bank aimed to reduce the share of external contractors in IT to 20 per cent from the current 50 per cent, according to an internal presentation to employees seen by Reuters. At the same time, the Wall Street bank planned to hire more staff, aiming to raise technology headcount to 50,000 from 48,000 in 2024, the presentation showed. In China, Citi is offering most of the affected contractors a severance package based on their years of service, the sources said. 'As part of the regular business operations of Citigroup Services and Technology (China) Limited (CSTC), we review our HR strategy on an ongoing basis, including decisions about renewing (fixed term) employment contracts,' said Citi in a statement. 'When decisions are made on non-renewal of fixed term contracts, this will be done in compliance with applicable laws, regulations and procedures. We are committed to supporting impacted employees.' Besides its IT operations, Citi has banking business in China and is in the process of setting up a securities unit there. The cutting of IT contractor jobs in China has no impact on Citi's business strategy and commitment to both local and global clients in that market, said a spokesman for the bank in Hong Kong. Other global financial firms have also taken steps to reduce their dependence on China as an IT and service outsourcing destination, as costs rise and geopolitical uncertainties and new regulations weigh. Reuters reported in October 2024 that asset manager Fidelity International cut around 500 jobs at one of its technology and operations centres in northeastern Chinese city of Dalian. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Time of India
16-05-2025
- Business
- Time of India
Citi to cut up to 200 tech contractor roles in China, sources say
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Citigroup is cutting up to 200 information technology (IT) contractor roles in China, two people familiar with the matter said, as the bank looks to hire its own staff globally for such operations to improve risk management and data July, U.S. bank regulators fined Citi $136 million for making "insufficient progress" fixing data management issues and the IT revamp underscores Citi's efforts to meet regulatory 100 IT staff in China were informed this week that their contracts will not be renewed, and another 100 are likely to receive their termination notices soon, said the people, who declined to be named due to sensitivity of the matter. The job cuts have not been reported staff are employed by Citigroup Services and Technology China, a wholly-owned China unit Citi established in 2002, which has around 3,000 employees in total, according to the was not immediately clear how many of those employees are unit supports the bank's global businesses - including investment and consumer banking - in 20 countries and regions including New York, London and Hong Kong, its website head of technology Tim Ryan told staff earlier this year that the bank aimed to reduce the share of external contractors in IT to 20% from the current 50%, according to an internal presentation to employees seen by the same time, the Wall Street bank planned to hire more staff, aiming to raise technology headcount to 50,000 from 48,000 in 2024, the presentation China, Citi is offering most of the affected contractors a severance package based on their years of service, the sources said."As part of the regular business operations of Citigroup Services and Technology (China) Limited (CSTC), we review our HR strategy on an ongoing basis, including decisions about renewing (fixed term) employment contracts," said Citi in a statement."When decisions are made on non-renewal of fixed term contracts, this will be done in compliance with applicable laws, regulations and procedures. We are committed to supporting impacted employees."Besides its IT operations, Citi has banking business in China and is in the process of setting up a securities unit cutting of IT contractor jobs in China has no impact on Citi's business strategy and commitment to both local and global clients in that market, said a spokesperson for the bank in Hong global financial firms have also taken steps to reduce their dependence on China as an IT and service outsourcing destination, as costs rise, and geopolitical uncertainties and new regulations reported in October 2024 that asset manager Fidelity International cut around 500 jobs at one of its technology and operations centres in northeastern Chinese city of Dalian.
