Days after Citi's global CEO Vikram Pandit revealed the group's plans to reduce headcounts by 52,000, there are reports that the financial major will lay-off over 1,000 employees in India. The financial services company has around 10,000 employees in India.
The Wall Street Journal today reported that the majority job cuts in India will come from CitiFinancial India, the group’s non-banking finance company, where 1,000 employees will face the axe over the next few months.
It 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.
When contacted, a Citi India spokesperson said: “We have said before that we're expecting only minimal impact for India. We continue to hire for the business, especially on campuses where we remain very active."
There could be some cuts in Citi's domestic workforce due to under performance, a senior bank executive said.
Citi 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.
Earlier this week, at the Business Standard Banking Round Table Citi South Asia CEO Sanjay Nayar had said that the group’s businesses in emerging markets, including India, are doing very well.