Citigroup Plans to Shed Thousands of Jobs
By HEATHER TIMMONS and ERIC DASH
NEW DELHI, March 26 — Under pressure from shareholders, Citigroup is planning to shed thousands of jobs and sharpen its focus on its operations outside North America.
The colossal bank will get most of its growth from its international operations, chief executive Charles O. Prince told thousands of employees in India today, as he wrapped up a tour of Asia.
Mr. Prince’s stop in India comes just weeks before Citigroup will announce a broad restructuring plan that could involve the elimination or relocation of as many as 15,000 high-cost jobs from areas including New York, London and Hong Kong, several executives briefed on the matter say. The net job loss could be 10,000 to 12,000, some through attrition.
Citi’s consumer operations will be hardest hit, with front line and back office operations affected, they say. The corporate and investment banking businesses may be hard hit, with several thousand jobs lost, they say.
Managers in these units have been asked to review highly paid employees and look for places to cut fat, particularly just below managing director level.
The job cuts are part of a company-wide review sparked by the chief operating officer Robert Druskin, who two months ago decided to examine expenses and operations across the entire bank. A press release about the restructuring is due out in mid-April, executives say.
Citigroup, like other global banks, has been expanding its outsourcing in India beyond consumer services like bill payment, to include highly skilled areas like research, investment banking and credit analysis of non-Indian companies and deals. ...
<http://www.nytimes.com/2007/03/26/business/26cnd-citi.html?hp=&pagewanted=print>
Carl
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