Citigroup announces plans to cut 17000 jobs

Citigroup announces plans to cut 17000 jobs

World’s largest financial services company Citigroup has said in a statement that they would be cutting as many as 17000 jobs from their global operations.

This means that the company is getting rid of around 5% of their workforce. Though, they plan to continue to expand in India.

As part of this cost cutting plan, Citigroup would move 9,500 positions to India and other low-cost locations. They are aiming to cut their costs by as much as $4.6 billion in the next three years and the plan could result in them closing down some offices.

The company added that they expect to increase their headcount this year but the rate of growth, excluding acquisitions, new branches and other investments, would slow significantly.

Charles Prince, chairman and CEO, Citigroup said in a statement added: “Ultimately these changes will streamline Citi and make us leaner, more efficient, and better able to take advantage of high revenue opportunities.”