Citigroup on Tuesday ruled out any major retrenchment in its India operations. Elucidating the move to cut 52,000 jobs across the globe, Sanjay Nayar, Citi’s South Asia CEO, said the job-cut impact on India would be minimal.
Nayar explained that the bank has already reduced its staff strength in the country through sale of its BPO arm, Citigroup Global Services (CGSL), to TCS about a month ago, and there was little need to go for further reduction in manpower.
Speaking at the BS Banking Round Table conference on Tuesday, Nayar said, “There is a big difference in what is happening in the US and Europe, and in India. There is growth in Indian market. After five years of substantial growth, there could be some flab.”
He said that Citi’s businesses in some of the emerging markets, including India, were doing very well. Spurred by demand for credit and need for financial inclusion, the bank continued to expand its operations in the country, he said. “India will not be affected by the job-cut decision announced yesterday. There could be some cuts in Citi’s domestic workforce on the back of under-performance,” Nayar added.
