Citigroup to shed 74,000 jobs
Citigroup is to shed 52,000 jobs - in addition to 22,000 announced previously - with losses falling “particularly heavily” in London and New York.
Around half of the 52,000 posts are understood to already be accounted for with the previously announced sale of Citigroup’s German retail banking business and Indian outsourcing arm. The remainder will be shed by the first half of 2009.
It will leave the organisation with a global total of 300,000 employees in the near term.
Citigroup, which has posted four straight quarterly losses of $2.8 billion (£1.9bn), employs around 12,000 people in its UK businesses, the majority in London and Derby, where its online bank Egg is based.
Some of the job losses could be achieved through natural staff turnover, it said.
Citigroup chairman Win Bischoff - speaking at a business forum in Dubai, United Arab Emirates - said it would be irresponsible for Citi and other companies not to look at staffing in the event of a prolonged economic downturn.
Also in rsslondontimes.com
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