Citigroup announced plans to cut 52,000 jobs by early next year in a move to restore the No. 2 U.S bank to health as it fights against mounting debt losses and sagging economies worldwide.
The cuts announced by chief executive Vikram Pandit affect 15 per cent of Citigroup's workforce, and are in addition to 23,000 jobs eliminated between January and September.
The latest cuts would leave Citigroup with about 300,000 employees, down 20 per cent from the end of 2007 and about the same number it had at the end of 2005. People at the bank said the cuts should be made by the first couple of months of next year.
Impact on India
The cuts announced by chief executive Vikram Pandit affect 15 per cent of Citigroup's workforce, and are in addition to 23,000 jobs eliminated between January and September.
The latest cuts would leave Citigroup with about 300,000 employees, down 20 per cent from the end of 2007 and about the same number it had at the end of 2005. People at the bank said the cuts should be made by the first couple of months of next year.
Impact on India
The good news is the massive job cut announced by the global banks, such as Citibank and HSBC, may only have a limited impact for now.
Citibank, which announced that it is cutting 52,000 jobs worldwide, is unlikely to cut jobs in India for now.
The headcount reductions announced globally will have limited impact in India following the sale of Citigroup Global Services Ltd (formerly e-Serve) to TCS, which is expected to be completed in the current quarter.
Once the sale of CGSL has been completed, the staff strength of Citigroup in India will be effectively reduced by 50% . Nothing significant is further expected
HSBC announced it is cutting 500 jobs. Out of this, 450 are in Hong Kong and the remaining 50 are in the rest of Asia
Citibank, which announced that it is cutting 52,000 jobs worldwide, is unlikely to cut jobs in India for now.
The headcount reductions announced globally will have limited impact in India following the sale of Citigroup Global Services Ltd (formerly e-Serve) to TCS, which is expected to be completed in the current quarter.
Once the sale of CGSL has been completed, the staff strength of Citigroup in India will be effectively reduced by 50% . Nothing significant is further expected
HSBC announced it is cutting 500 jobs. Out of this, 450 are in Hong Kong and the remaining 50 are in the rest of Asia
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