Citigroup Inc., one of the world’s leading financial institutions, has moved nearly 1,000 technology roles to India over the past few months as part of a broader global overhaul.
The decision follows the bank’s announcement earlier this year to cut approximately 3,500 tech jobs in China, aimed at simplifying operations and improving risk and data management across its global footprint.
The relocation of roles to India reflects a strategic realignment of Citigroup’s technology workforce, driven by cost optimization, geopolitical factors, and the growing capabilities of India’s tech talent ecosystem.
The bank has not made a formal public announcement about the shift, but sources familiar with the matter confirmed that the transition occurred in phases and is now largely complete.
India’s GCCs Emerge as Key Operational Hubs
India has become a central hub for Citigroup’s global technology operations.
The bank currently employs around 33,000 people in India, primarily across its Global Capability Centers (GCCs) located in Bengaluru, Chennai, Pune, and Mumbai.
These centers handle a wide range of functions including software development, data analytics, cybersecurity, and process automation.
The move to shift jobs to India aligns with a broader industry trend, as global banks increasingly rely on Indian GCCs for high-value technology work.
According to EY, the GCC market in India is valued at $64 billion and is projected to reach $110 billion by 2030.
Nasscom estimates that India currently hosts around 1,760 GCCs, with the number expected to exceed 2,000 next year.
Visa Fee Hike Accelerates Offshoring Decisions at Citigroup
Citigroup’s decision also coincides with recent changes in U.S. immigration policy.
The Trump administration has imposed a $100,000 fee on new H-1B visa applications, significantly raising the cost of hiring foreign tech workers in the United States.
This development has prompted Wall Street banks to reconsider their staffing strategies and lean more heavily on offshore centers like those in India.
Industry experts believe the visa fee hike will accelerate the shift of technology roles to countries with established talent pools and cost-effective operations.
India, with its deep bench of skilled professionals and mature tech infrastructure, is well-positioned to absorb these transitions.
AI Adoption and Workforce Transformation
Citigroup’s restructuring is also influenced by its growing investment in artificial intelligence (AI).
The bank has rolled out AI tools to over 140,000 employees globally, reshaping workflows and improving operational efficiency.
CEO Jane Fraser emphasized that AI is not a threat to India’s IT sector but rather a catalyst for new opportunities.
“India’s highly skilled, hardworking, and creative workforce remains its biggest strength,” Fraser said during a recent visit to India.
She reaffirmed the bank’s commitment to its strategic partnerships with Indian firms, noting that the nature of work is evolving but the importance of these relationships remains unchanged.
Citigroup Global Footprint Realignment
Beyond China and India, Citigroup has also scaled back operations in other countries including the U.S., Indonesia, the Philippines, and Poland.
The bank’s global restructuring aims to streamline operations, reduce redundancies, and position its workforce for future growth in digital banking and financial technology.
While the job cuts in China and other regions have raised concerns, the redeployment of roles to India signals confidence in the country’s ability to support complex and mission-critical functions.
The move will create new opportunities for Indian tech professionals and reinforce India’s position as a global banking technology hub.
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