Citigroup Inc. has moved close to 1,000 technology jobs to its business support centers in India after reducing its workforce in China, according to sources familiar with the matter. The transfer took place in phases over the past few months as part of the bank’s broader global restructuring. Citigroup declined to comment on the move.
The shift comes amid growing uncertainty for US-based banks following the recent imposition of 100,000 dollar fees on new H-1B visa applications by the US government. This development may lead more global banks to rely on Indian technology hubs, also known as Global Capability Centers or GCCs, for key operations.
India’s GCC sector has expanded significantly in recent years and is now valued at 64 billion dollars, according to a report by EY. Citigroup currently employs around 33,000 staff in India, mainly in support centers located in cities such as Bangalore, Chennai, Pune, and Mumbai.
Earlier in June, Citigroup announced plans to reduce its technology workforce in China by about 3,500 employees as part of its global simplification efforts.
In an exclusive interview with a business news outlet, Citigroup CEO Jane Fraser highlighted the role of artificial intelligence in transforming business operations. She said, “AI would transform the way businesses operate, but it is not a threat to India’s IT sector. Instead, AI will reshape the industry, creating new roles and opportunities.”
Fraser emphasised that India’s highly skilled and creative workforce remains a key strength, keeping the country at the forefront of global technology. She noted that Citigroup has implemented AI tools across 140,000 employees worldwide, enhancing workflows, efficiency, and organisational creativity. This adoption has also led to more work being insourced within Citi.
Addressing concerns about potential job losses among Indian IT contractors, Fraser reaffirmed Citigroup’s strong strategic partnerships in India. She added, “I love our partners here in India. We have some fantastic partners who are strategic relationships for us, I don’t see those strategic relationships diminishing in their importance in any way. The nature of work for everybody is changing. I’m looking forward to seeing many of our key partners while I’m here on the ground.”
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