Citigroup to lay off 100 employees in India
Global banking major Citigroup today said it will be laying off 100 employees in the country as part of a global restructuring exercise.
"Citigroup continuously reviews its internal processes and organisational structure to rightsize the organisation for efficient growth. As a result of this exercise, Citi India has identified approximately 100 positions that will be impacted within the Bank," the bank said in a statement.
When contacted, a spokesperson for the institution told PTI that the job losses are part of the group's announcement last month to axe 4,500 jobs globally due to revenue slump.
None of the company's operations or verticals will be affected because of the lay-offs which will be carried out in the next few days, the spokesperson said.
The spokesperson, however, declined to give any additional details like the positions in the hierarchy and the verticals on the 100 job losses happening in India, only saying that the company is in the process of informing the concerned employees.
