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Jitters in Citibank India as global giant announces 11,000 job cuts worldwide
As global banking giant Citigroup announced it would slash 11,000 jobs worldwide, its employees in India are feeling the heat, reports Mahua Venkatesh. Corbat’s axe hangs like damocles’ sword
As global banking giant Citigroup announced it would slash 11,000 jobs worldwide, its employees here are feeling the heat, although India has not been officially named among the nations affected.
Several executives fear that there could be layoffs in India too as part of the global cost cutting exercise.
"The scanner is on and our performance is being assessed very critically," a senior executive, who did not wish to be identified, told Hindustan Times.
Citi said on Wednesday that it would sell or scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay and focus on 150 cities around the world with highest growth potential.
The spokesperson in India said emerging markets, which includes India, would remain key to Citi's growth. Citi India has also recruited 1,900 professionals this year. Over 7,700 employees are engaged in Citi India.
The spokesperson said the bank would "continue to be a net recruiter of talent in India".
"India remains an integral part of Citi's global growth strategy, we have been investing and growing our franchise in India in a disciplined manner consistent with our business model, brand position and overall strategy, and will continue to do so," he said.
Several jobs had been cut in India four years ago, when Citigroup was first hit by the global slowdown.
"There is a slowdown not only globally but also in India and the financial services sector is going through a somewhat tough patch, pressure could rise for employees in the coming months," a human resource analyst said.
