Citigroup Inc. has moved close to 1,000 tech jobs to India’s business support centers following cuts to its workforce in China, according to people familiar with the matter.
The Wall Street lender shifted the jobs in phases over the past few months after it reduced staffing in China as part of a broader global overhaul, said the people, who asked not to be identified because the information isn’t public. Citigroup declined to comment.
Global banks may now send even more work to their Indian support centers after US President Donald Trump’s shock move this month to impose $100,000 fees on new applications to the widely used H-1B visa program.
These Indian tech hubs, known as Global Capability Centers, or GCCs, have grown significantly over the last few years, becoming a $64 billion market, according to data from an EY report. Citigroup has some 33,000 staff in India, mostly in these support centers spread across cities including Bangalore, Chennai, Pune and Mumbai.
Citigroup announced in June it plans to cut its technology workforce in China by about 3,500 as part of its global simplification efforts.
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