Citigroup cuts nearly 30,000 jobs in second quarter
Citigroup cuts nearly 30,000 jobs
New York: Citigroup has slashed nearly 30,000 jobs in the second quarter of this year as the banking major resorted to cost cutting measures to tackle the financial turmoil.
The banking behemoth has swung into a profit of USD 4.28 billion in the second quarter on the back of a gain of USD 6.7 billion from the stake sale of Smith Barney brokerage.
According to the company, in the second quarter, the number of employees stood at around 2,79,000.
"Head count declined by approximately 30,000 from the first quarter of 2009, to 2,79,000, mainly driven by Smith Barney transaction," Citigroup said while announcing the second quarter results today.
"Head count is now approximately 96,000 below peak levels. June was the 20th consecutive month of head count decline," the statement said.
In the second quarter of last year, the company had a loss of $2.49 billion, it said in a statement.
Revenues for the second quarter surged 71 per cent to $30 billion as compared to the same period a year ago. In the comparable period, revenues stood at $17.5 billion.
Citigroup has already received three lifelines from the US Federal government including fresh capital injection to the tune of $45 billion to tide over the financial turmoil.
More from India
More from World
More from Sports
More from Entertaiment
- Trouble mounts for Salman Khan as driver reiterates that actor killed blackbuck
- PM Modi to chair NITI aayog meeting today
- Narsingh Yadav dope scandal: NADA set to announce verdict today
- Protests in Kashmir were fuelled by LeT: Hafiz Saeed
- Cabinet approves changes to GST Bill, drops 1% additional tax
- Turkey discharges generals, shuts media outlets after coup
- Fed leaves rates unchanged but says US economy improving
- French church attackers pledged allegiance to ISIS in video
- Stick to my statement that Salman Khan killed Chinkara, says 'missing' driver
- Eye on China? India to buy four P-8I aircraft from US for maritime surveillance over Indian Ocean Region