Citigroup Inc $C revealed plans to reduce approximately 3,500 jobs in its two Chinese technology hubs, located in Shanghai and Dalian. This move is part of a broader effort by the global banking giant to streamline and simplify its technological operations. The downsizing aims to enhance risk management and data governance within Citigroup's expansive global network. The workforce cut is expected to be completed by early Q4 2025, reflecting a significant shift in the company’s operational strategy amid evolving market and regulatory challenges in China and worldwide.

In recent months, the electric vehicle market has been undergoing significant transformations, with the actions of major players having a considerable impact on the industry as a whole. One key development has been the decline in Tesla Inc.'s shipments from its Shanghai factory, reflecting a global sales downturn amid increasing competition in the Chinese electric vehicle market.