Citigroup has announced it will cut more than 52,000 jobs in the coming months and reduce expenses by 20 per cent in 2009. It said it intends to reduce the total head count to less than 300,000 soon. In terms of expenses, the financial services major aims to save $ 50-52 billion in 2009.
These cuts are expected to have a 'limited' impact on its India staff strength. Citigroup has about 22,000 employees currently working in India. Of which, 12,000 work for Citigroup Global Services Ltd.
Citigroup had a workforce of 352,000 in the third quarter of 2008. In the same quarter, it reported a loss of $ 2.8 billion.
In the first three quarters of 2008, Citigroup has reduced its workforce by about 23,000 persons.
Image: A Citibank branch in central London. | Photograph: Carl De Souza/AFP/Getty
Images
Also read: Obama's mantra: More jobs, less outsourcing
| Live updates on money.rediff.com |
|
Advertisement
