the double-edged sword of internationalization: china citic bank's staff reduction and cost increase

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"internationalization" refers to the expansion of business by enterprises or organizations around the world, and cooperation and exchanges with different countries and regions. it is not only a strategic choice for multinational companies, but also an important way to promote economic development and social progress. by conducting international business, enterprises can expand their market scale, obtain more resources, improve their competitiveness, and gain new growth opportunities. at the same time, internationalization has also promoted the process of globalization, promoted cultural exchanges and economic development, and brought richer integration and vitality to the world.

china citic bank's staff reduction is part of its internationalization strategy. the 2024 interim report shows that china citic bank reduced its staff by 3,070 people in half a year, which reduced its total number of employees from 66,891 to 63,821, with a reduction rate of 4.6%. this scale of staff reduction is in sharp contrast to the "employee and service outsourcing" tiered reduction strategy adopted by shanghai pudong development bank.

pudong development bank's staff reduction strategy is mainly focused on service outsourcing personnel, which reflects a cost-saving strategy, hoping to reduce operating costs by reducing dispatched or outsourced employees. china citic bank has taken a more direct approach, directly laying off regular employees, with the goal of optimizing the internal talent structure to adapt to the competition in the international market.

it is worth noting that although the number of employees has decreased, the employee expenses of citic bank have shown an upward trend. behind this phenomenon, there are deeper thoughts and strategic layouts. although items such as wages and bonuses have not changed, the increase in items such as social insurance premiums and employee welfare expenses reflects citic bank's emphasis on employee welfare after resignation and reflects its international vision in employee care and corporate social responsibility.

reducing staff is not the goal, but creating value for employees, shareholders and society. china citic bank has taken cost reduction, talent optimization and employee welfare improvement as an important internationalization strategy, and gradually built a more flexible, efficient and internationally competitive modern financial institution. this practice not only demonstrates china citic bank's active implementation of the internationalization strategy, but also reflects its emphasis on employee care and corporate social responsibility.