\nThe Wall Street Journal today reported that the majority job cuts in India will come from CitiFinancial India, the group’s non-banking finance company.
\nIt said that Citigroup will also cut dozens of additional positions from its investment and corporate banking team though the layoff plans are still being finalised.
\nWhen contacted, a Citi India spokesperson said, “We have said before that we are expecting only minimal impact for India. We continue to hire for the business, especially on campuses where we remain very active.”
\nThere could be some cuts in Citi’s domestic workforce due to underperformance, a senior bank executive said.
\nCITI has maintained that a large part of the domestic staff strength has already come down following the sale of its business process outsourcing arm, Citigroup Global Services to TCS about a month ago. The BPO outfit had around 12,000 employees.
\nEarlier this week at the Business Standard Banking Round Table Citi South Asia CEO Sanjay Nayar had said the group’s businesses in emerging markets, including India, are doing very well.<\/p>\n","protected":false},"excerpt":{"rendered":"