Citigroup Moves 1,000 Tech Jobs to India Amid China Reductions

As per the news reports, Citigroup has transferred about 1,000 technology jobs to India, Bloomberg reported. The bank announced earlier this year that it would cut around 3,500 jobs in China as part of its plan to simplify global operations. The transfers have been carried out in phases in recent months.

Indian Workforce

As per the Bloomberg report, Citigroup employs roughly 33,000 people in India. Most of them work at its global capability centres located in Bengaluru, Chennai, Pune and Mumbai. These centres handle technology and support functions for the bank’s worldwide operations.

Cuts in Multiple Regions

When Citigroup announced the China cuts, it said the roles would be shifted to other locations but did not provide details. A Reuters report in June said the bank had also reduced headcount in the United States, Indonesia, the Philippines and Poland. These measures are part of a broader restructuring.

H-1B Visa Fees

The relocations come as the US government has introduced a $100,000 fee on new H-1B visa applications. The higher costs for hiring workers in the US may encourage banks to expand their use of offshore centres. India is expected to be a key location for such roles.

Read More: H-1B Visa Usage: Which Major Companies Use the Most?

Growth of Centres in India

According to Nasscom, India hosts about 1,760 global capability centres. The number is projected to exceed 2,000 by next year. EY estimates that the sector, currently valued at $64 billion, could expand to $110 billion by 2030. These centres support industries ranging from banking and healthcare to automotive and retail.

Conclusion

Citigroup’s decision to move 1,000 jobs to India follows cuts in China and other markets. With US visa costs rising and India’s centres continuing to grow, more technology roles are expected to shift to the country.

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