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Citi says to cut about 100 jobs in India

Last Updated: Tuesday, January 24, 2012 - 20:53

Mumbai: Citigroup Inc said it will cut about 100 jobs in India, where it has been expanding rapidly, while reiterating that the country remained among its highest priority markets.

The third-largest US bank by assets did not give a reason for the cuts, but a source with direct knowledge of the matter said it was part of CEO Vikram Pandit's plan to slash 4,500 jobs worldwide.

Citigroup hired more than 1,500 staff in India in 2011, the bank said in a short statement announcing the layoffs.

Citi, one of the top three foreign banks in India along with Standard Chartered and HSBC, has about 7,000 staff in the country and operates across several businesses including corporate, consumer, investment banking and wealth management.

The headcount reduction will be across all of the bank's businesses, but is not likely to include managing director level executives, the source said.

Citi expects to boost its loans and deposits growth in India by about a fifth in each of the next two years, its India head, Pramit Jhaveri, told Reuters on November 22.

Facing weak markets and tougher regulation, global banks have outlined plans to cut more than 125,000 jobs this year, according to a Reuters tally. Until recently, Asia had largely been untouched by the jobs axe.

Bureau Report

First Published: Tuesday, January 24, 2012 - 20:53
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