Citigroup sees cutting roughly 50,000 jobs


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Nisa

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Citigroup sees cutting roughly 50,000 jobs
Mon Nov 17, 2008 8:56am EST
(Reuters) - Citigroup Inc said on Monday it sees it's headcount expected to decline 20 percent in near-term from peak levels. Highlights:

* Says sees expenses expected to be down 20 percent from peak levels

* Says has "very strong capital position"

* Says targets $50-52 billion expenses in 2009

* Sets "near-term" headcount target of about 300,000 employees, down from 352,000 in Q3 and 375,000 at end of 2007

© Thomson Reuters 2008. All rights reserved.

source : http://www.reuters.com/article/newsOne/idUSTRE4AG35320081117
 

Jan 28, 2008
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No offence to any current/former DBS employees whom may be experiencing hard times now....But maybe shld be glad DBS retrench only 900 ppl?? but on the other hand, citigroup largest consumer bank leh... so maybe nt a fair comparison.... but anyway, 375,000 headcount is alot leh..... imagine their payroll every mth.... one person pay them $1000 a mth is alrd $375mil leh.... very scary leh when this type of giant decides to axe ppl.... it is no worst than tsunami or earthquake...... woah now they have to worry abt retrenchment package worth billions of $$.....
 

Yapster

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#5
My brother, who works in another bank, was told internally that their bank will retrench 10% manpower in Asia Pacific...:sweat:

I jio him sell $1.50 chicken rice together... Life goes on la...
 

Jan 28, 2008
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My brother, who works in another bank, was told internally that their bank will retrench 10% manpower in Asia Pacific...:sweat:

I jio him sell $1.50 chicken rice together... Life goes on la...
U really sell $1.50 chicken rice?? where? i muz go buy from u oso.... economy so bad, nowadays everything the price is heading north.... rmb open alrd muz PM me arh!:bsmilie:
 

Yapster

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U really sell $1.50 chicken rice?? where? i muz go buy from u oso.... economy so bad, nowadays everything the price is heading north.... rmb open alrd muz PM me arh!:bsmilie:
薄利多销ma...:bsmilie:

Add 50 cents for a portraiture shot of you and your family!:bsmilie:

Best is the whole world works together to bring price back to the ground. not on the bubble surface. Haha, wishful thinking of mine...:bsmilie:
 

Galdor

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#8
Citigroup consists of a few business sectors and not only in banking alone, so the 50,000 people is not only in the banking sector, besides it's worldwide and not specifically certain countries.
 

sbs99

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What's the general opinion of g'vnt jobs right now? People still see them as 'iron ricebowl' ?

I think most now are moving into 1 yr, 2 yr contract based, less permanent status? :think:
 

Jan 28, 2008
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薄利多销ma...:bsmilie:

Add 50 cents for a portraiture shot of you and your family!:bsmilie:

Best is the whole world works together to bring price back to the ground. not on the bubble surface. Haha, wishful thinking of mine...:bsmilie:
Soon la, as long as the speculators dun come into play.... which i think they shld nt in the nx one yr or so.... SG ppl always like to use what excuse? OIL price increase lor..... see now oil price is so much lower coz those speculators kiasi alrd, all exit market bringing the price down.... so now no more oil price excuse alrd.....
 

Jan 28, 2008
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#11
What's the general opinion of g'vnt jobs right now? People still see them as 'iron ricebowl' ?

I think most now are moving into 1 yr, 2 yr contract based, less permanent status? :think:
Maybe Rusty Ricebowls........
 

azul123

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#12
Citigroup consists of a few business sectors and not only in banking alone, so the 50,000 people is not only in the banking sector, besides it's worldwide and not specifically certain countries.
That's a 20% cut.. every 10 in a group 2 will be out or work. That's quite significant cut no matter how you look at it.

../azul123
 

Nisa

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Citigroup to axe less than 300 in S'pore

It plans to cut 52,000 staff globally by early next year. -Reuters

Tue, Nov 18, 2008
Reuters

CITIGROUP may cut less than 300 jobs in Singapore, a sign Asia could see much smaller cuts than other regions as part of the US bank's global restructuring plan, sources told Reuters on Tuesday.

The job cuts, which will be implemented soon, are part of plans revealed by Citigroup on Monday to cut 52,000 staff globally by early next year in a dramatic move to restore the second-biggest US bank to health.

Citigroup employs about 9,000 people in Singapore and the layoffs account for about 3 percent of its staff, said a source who declined to be identified because the plans were not public.

'In Singapore, there will be modest headcount reductions,' a bank spokesman said. 'Our business in Singapore continues to register robust year-on-year growth and remains a regional centre for management and operations for Citi globally.'

Citi recently opened its 20th branch in the city-state, a growing centre for financial services and private banking.

It was unclear how many jobs would be cut in other parts of Asia. Citi employs 55,000 people in Asia including Japan.

Wealth management

A second source familiar with the plan told Reuters around 150 job would be cut at Citi's wealth management unit in Asia excluding Japan.

The source said more than 60 per cent of the cuts would be in Singapore and Hong Kong. Citi's Asian wealth management unit excluding Japan has 1,200 people.

A Citigroup spokesman in Hong Kong declined to comment on the numbers but said it expected a reduction in overall headcount in the region.

'We are repositioning our business to be more efficient and productive in the current difficult market conditions. As a result, some jobs will change and others may no longer be necessary,' the Citigroup spokesman said in a statement.

The job cuts in the wealth management business are a reversal of a trend seen until last year when rival banks were furiously poaching private bankers to expand their business in Asia, where wealth was growing at a double-digit pace.

The dramatic plunge of financial markets has prompted wealthy clients to sell stocks and shun higher-fee products for the comfort and safety of cash, private bankers and industry experts told the Reuters Wealth Management Summit last month.

Citi's wealth management unit in Asia including Japan managed US$288 billion (S$439.9 billion)worth of assets at the end of the third quarter of 2008, down 7 per cent from the same period a year ago.

The unit, which includes the private bank as well as Smith Barney Australia and Citi Nikko Cordial in Japan, earned net income of US$59 million in the third quarter, down 58 percent from a year ago, according to Citi data.

UBS , HSBC and Citi are considered the top three players in Asia's private banking market. -- THOMSON REUTERS

Source : - http://business.asiaone.com/print/Business/News/Story/A1Story20081118-101607.html
 

night86mare

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#15
yes, it is great that you posted the last portion, i wish to highlight that

50,000 jobs is WORLDWIDE

not a small number, but small when you take into account the size of the company.
 

pisduck

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yes, it is great that you posted the last portion, i wish to highlight that

50,000 jobs is WORLDWIDE

not a small number, but small when you take into account the size of the company.
actually 20% is quite a big number lah. imagine 1 in 5 of your colleagues will have to go.

Frankly, I fid it hard to sympathize with people in the banking/finance industries. To a layman like me, I think their obscene pay in the past few years are largely unjustified. I do think that part of their obscene pay comes from selling highly risky investments to clients and basically just "conning" them of their money.

Seriously, u keep seeing bank people trying to sell all sorts of investment products to all sorts of people. They dun really care if u make money. all they want is to sell as much as possible before the cards goes tumbling down.

So now the cards has tumbled down, do I really care that they lose their jobs? not really.

Anyway, they probably have earned enough to tide over the recession anyway.....
 

dennisc

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Oct 24, 2002
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#17
Agreed. Ironically a bank in raffles place offered me a job last week as well, for a higher pay. Think I've to walk the extra mile with it, didn't accept it.
 

dDarkroom

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Seriously, u keep seeing bank people trying to sell all sorts of investment products to all sorts of people. They dun really care if u make money. all they want is to sell as much as possible before the cards goes tumbling down.
they push product that give them good commission and not how good return the client can get.
 

waileong

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#19
It's true that the front office people made lots of money, esp the wheeler-dealers. But the back office people worked long hours and got honest, not obscene pay because the top bonuses went to the salesmen and the managing directors.

So save some sympathy for them.

actually 20% is quite a big number lah. imagine 1 in 5 of your colleagues will have to go.

Frankly, I fid it hard to sympathize with people in the banking/finance industries. To a layman like me, I think their obscene pay in the past few years are largely unjustified. I do think that part of their obscene pay comes from selling highly risky investments to clients and basically just "conning" them of their money.

Seriously, u keep seeing bank people trying to sell all sorts of investment products to all sorts of people. They dun really care if u make money. all they want is to sell as much as possible before the cards goes tumbling down.

So now the cards has tumbled down, do I really care that they lose their jobs? not really.

Anyway, they probably have earned enough to tide over the recession anyway.....
 

parampita

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Jun 25, 2008
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#20
Only in countries where there is union to look after will the individual severance packages be substantial. As a whole, yes, the packages will be significantly large for the total of 52k unfortunate souls.

No offence to any current/former DBS employees whom may be experiencing hard times now....But maybe shld be glad DBS retrench only 900 ppl?? but on the other hand, citigroup largest consumer bank leh... so maybe nt a fair comparison.... but anyway, 375,000 headcount is alot leh..... imagine their payroll every mth.... one person pay them $1000 a mth is alrd $375mil leh.... very scary leh when this type of giant decides to axe ppl.... it is no worst than tsunami or earthquake...... woah now they have to worry abt retrenchment package worth billions of $$.....
 

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