Citigroup to slash 100 employees in India

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Citigroup
Mumbai, Jan 25: US bank Citigroup has announced that it is going to lay off 100 empolyess in India as part of its global restructuring exercise.

The international banking major is planning to carried out the lay-offs in next few days. Moreover, Citigroup officials made it clear that none of the company's operations or verticals will be affected because of the lay-offs.

According to Citigroup statement, "citigroup continuously reviews its internal processes and organisational structure to right size 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."

Most of the workforce will be cut from investment banking operation and from some segments of citi business.

Citigroup sources said that the move has come in the wake of last month announcement to slash 4,500 employees worldwide.

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