Citi, one of the largest multinational banks operating across consumer and institutional markets, has been recalibrating its global strategy. In recent Citi news, the company has cut 3,500 jobs in China.
This update also covers the return of executive John McLean to Citi Australia and New Zealand.
Alongside these developments, Citi has revised its firearms policy, affecting merchant partnerships and internal compliance frameworks.
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Latest Citi News: Citi Cuts Tech Roles in China as Part of Global Cost-Saving Strategy
Citi will cut approximately 3,500 positions at its technology centers in Shanghai and Dalian.
🚨 LAYOFF ALERT – China 🇨🇳
Citigroup plans to cut 3,500 tech jobs at its China Citi Solution Centers in Shanghai and Dalian before Q4 2025. Roles will be shifted to Citi’s global tech centers as part of a cost-cutting strategy. pic.twitter.com/93vl9vmZPH
— The Layoff Tracker 🚨 (@WhatLayoff) June 5, 2025
This Citi news, confirmed by the company on June 6, is part of a broader effort to streamline operations and tighten internal controls following regulatory scrutiny.
The reduction primarily affects full-time employees. While some positions will relocate to other Citi technology hubs, the bank did not disclose where or how many.
This follows an earlier round of layoffs, reported in May, involving around 200 IT contractors in China.
Citi has also made similar cuts in the U.S., Indonesia, the Philippines, and Poland. The China-based tech division has historically supported Citi’s worldwide fintech and operations. However, the company now aims to centralize and consolidate these services.
Despite the staff reduction, Citi will retain about 2,000 employees across China, including several hundred in tech.
According to Marc Luet, head of banking for Japan, Asia North, and Australia, Citi remains focused on building its securities and futures business in China while continuing to support institutional clients’ cross-border needs.
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Citi News: John McLean Returns as Head of ECM and Global Asset Managers for Australia & New Zealand
In another Citi news announcement, Citi has appointed John McLean as Head of Equity Capital Markets and Global Asset Managers for Australia and New Zealand, effective June 5.
McLean brings over 20 years of ECM experience and currently leads Citi’s Financial Sponsors business across Asia Pacific, where he manages relationships with alternative asset managers and sovereign wealth funds.
He will relocate from Singapore to Sydney to assume the expanded role. McLean previously led Citi’s ECM business in Australia, which adds regional familiarity to his credentials.
The transition supports Citi’s intent to deepen institutional partnerships in Australia and New Zealand.
CEO Mark Woodruff stated that McLean’s combined background across Asia and Australia positions him to drive focused growth in both sectors.
McLean also noted the expanding opportunities in private capital markets and ECM across the region and emphasized his plans to build the team further and execute for clients.
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Citi News: Citi Reverses Firearms Policy Under Pressure from Trump Admin
On June 3, Citi withdrew its firearms-related business restrictions, reversing a policy first introduced in 2018 following the Parkland school shooting.
This policy had limited banking services to retailers who sold firearms to individuals under 21, failed to conduct background checks, or sold high-capacity magazines and bump stocks.
It applied across several client categories, including small businesses, institutional clients, and credit card partners.
In this Citi news, the company clarified that its original position was aimed at encouraging certain retail practices, not targeting manufacturers.
The decision also reflects Citi’s response to ongoing federal activity. The bank cited recent Executive Orders, legislation, and regulatory trends as influencing factors.
Moreover, public statements from former President Donald Trump and others have intensified pressure on Wall Street firms, with allegations of political bias becoming a focal point.
In addition to the rollback, Citi announced updates to its internal Code of Conduct and external access policies, explicitly including political affiliation among protected traits.
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Final Thoughts
Citi appears to be consolidating its position by tightening internal structures while adjusting to external political and regulatory shifts.
The bank is likely entering a period focused on cost efficiency, compliance alignment, and selective growth in institutional markets.
At the same time, its next moves may involve refining operational boundaries and reallocating resources toward areas with clearer return paths.
With market conditions and political scrutiny evolving quickly, Citi’s response will likely stay measured but strategic.
For ongoing coverage of Citi news and developments from other financial institutions, subscribe to Financial Daily Update today.
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