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Citi to cut about 100 jobs in India

Citigroup Inc. will cut about 100 jobs in India while reiterating that the country remained among its highest priority markets.

 

The third-largest U.S. bank by assets has been expanding rapidly in India. It did not give a reason for the cuts, but a source with direct knowledge of the matter said it was part of CEO Vikram Pandit's plan to slash 4,500 jobs worldwide, reports Reuters.

Citigroup hired more than 1,500 staff in India in 2011, the bank said in a short statement announcing the layoffs.

Citi, one of the top three foreign banks in India along with Standard Chartered and HSBC, has about 7,000 staff in the country and operates across several businesses including corporate, consumer, investment banking and wealth management.

The headcount reduction will be across all of the bank's businesses, but is not likely to include managing director level executives, the source said.

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