Citigroup: Job cuts won't affect China

Citigroup Inc, a New York-based major player in world financial markets, said on Thursday its 11,000 job cuts would not affect operations in China.

Citi's strategy and commitment to China remain unchanged, said Citibank (China) Co Ltd, its subsidiary in China, in an email reply to China Daily.

"We've been investing and growing our business in China and will continue to do so," it said.

The lender said China is one of its most important markets globally and a long-term investment where it is pursuing "multiple lines of growth" across the retail and institutional platforms.

"Our franchise in China is well positioned for continued growth," it said.

Citigroup announced on Wednesday that it will cut 11,000 jobs, about 4 percent of its workforce.

About 6,200 jobs will come from Citi's consumer banking sector and around 1,900 job cuts will come from the institutional clients group including the investment bank.

It will sell or reduce consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay and focus on 150 cities around the world "that have the highest growth potential in consumer banking", it said.

Jobs in technology and operations would also be reduced because the group will introduce more automation and arrange some positions to "lower-cost locations".