The blogger said that many people might not believe it, but Citi really did this. Citi set aside 600 million USD for global severance, which is far higher than the average in the financial industry.
He explained that this layoff is not an isolated event. It’s part of Citi’s ongoing restructuring plan. Citi has already done similar restructuring in the U.S., Indonesia, and the Philippines, cutting expensive office spaces like in Shanghai and Dalian, and only keeping teams that support China’s local and Hong Kong businesses. The office locations are now moving to lower-cost regional centers.
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