Layoffs in Citibank India?
Global banking giant Citibank is likely to lay off more employees in India in the next few weeks, while several senior managers have already been shown the door, company sources say.business Updated: Nov 24, 2008 01:36 IST
Global banking giant Citibank is likely to lay off more employees in India in the next few weeks, while several senior managers have already been shown the door, company sources say.
While Citigroup chairman Vikram Pandit battles a controversial layoff play worldwide, the official line of the company is that the impact on India is minimal, but the sources said that employees have been psychologically prepared with indications that based on performance, there could be a trimming of headcount.
In line with managing costs in involuntary exits, those who joined the company recently are under greater pressure, the sources said.
Citibank employees are being continuously assessed and “graded”, a source said.
Announcements on job cuts by Citigroup over the last few days has left the workforce confused and anxious. Citigroup’s former South Asia CEO Sanjay Nayar’s exit last week at this juncture has only led to more uncertainty.
“There is no clarity for employees and there is severe anxiety though attempts are being made to maintain calm,” an official said.
In New York, the banking giant is said to be discussing a bailout plan with the government, possibly involving a merger. A Citibank spokesperson reiterated that "impact in India will be minimal."
"It is business as usual," the spokesperson said.