(20 November 2008 – Global) Major US bank, Citigroup, has announced that it will cut more than 50,000 jobs worldwide, including in Australia.While a Citi Australia spokeswoman would not comment on the number of the 2,500 employees in Australia that would lose their jobs, it is expected to be a small proportion.
The job cuts are part of an overall plan to cut expenses by 20 percent from their peak as the global economy contracts.
Citi’s chief executive officer, Vikram Pandit intends to reduce headcount by about 14 percent to 300,000 in what he called the near term, according to a presentation on the bank’s website.
Pandit has already cut 23,000 jobs, leaving the bank with 352,000 employees as of September 30 this year.
Of the 52,000 jobs still to go, about 25,000 employees are now expected to leave Citigroup with the sale of the likes of the German retail banking operation and the Indian business processing arm, Citigroup Global Services.
A further 27,000 jobs cuts will reportedly go through redundancies and natural attrition.