A day after Citigroup declared a 52,000 job cuts in the coming months, the company stated, “it would have a limited impact on India”. Citing the company’s recent sale of Citigroup Global Services Ltd (CGSL) to Tata Consultancy Services, the company said that it now had an employee strength of 12,000.
The Citigroup has about 22,000 employees currently working in India. Of which, 12,000 work for Citigroup Global Services Ltd (CGSL).
The Vikram Pandit-led Citigroup had created a flutter in the job market announcing to slash more than 52,000 jobs in the coming months and reduce expenses by 20% in 2009. The company had stated that it would reduce the total head count to less than 3,00,000 in the near term as part of the plan. The financial services behemoth had a workforce of 3,52,000 in the third quarter of 2008. The firm, severely battered by the financial crisis, had incurred huge losses in recent quarters. In the third quarter, Citi had a loss of $2.8 billion.