Citibank lay-offs: fires employees: Finance Trading Times

Citibank lay-offs: fires employees

Another credit crunch, another bank suffering the aftermaths of subprime mortgage crisis and finally going for a headcount reduction.

As per the enws, the famous Citibank is planning a massive lay-off, much more than what was expected as compared to lat year.

traditionally, the citibank employees, bottom 5% of them used to be fired on the basis of performance. However, this year, the no. is expected to be much higher than last years. citibank is citing the reasons of cost cutting and expansion of business in other regions, which may appear to be more profitable.

Needless to say, the majority of layoff for citibank emplyees will be those who will be fires from the mortgage and loans disision of citibank banking.

Ot of the total 60,000 citibank employees - around 4,200 jobs will be cut. moreover, apart from these 4200, there can be many more rounds of layoffs, the second one expected to reduce around 2000 citibank employees.

Citigroup employs about 320,000 people around the world. Even before the credit crisis started last summer, the company announced that it was reducing its staff by 17,000.
Have Comments or Questions? Please post them as comments using "Post our Comments" link below. Your queries will be responded for free in 24 hrs!

0 Comments: Post your Comments

Wish you all happy and fruitful trading and investing activities with safety! = = = Post a Comment

Copyright Information:
© Finance-Trading-Times.com
Please see Our Copy Right Policy. All the articles, posts and other materials on this website/blog are copyrighted to the author of this site. The content should NOT to be reproduced on any other website or through other medium, without the author's permission. Contact: contactus(AT)finance-trading-times.com

DISCLAIMER: Before using this site, you agree to the Disclaimer. For Any questions or comments, please mail contactus(AT)finance-trading-times.com.

About UsAdvertise with UsCopyRight Policy & Fair Use GuidePrivacy PolicyDisclaimer