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March 26, 2007
Under pressure from shareholders to cut costs, Citigroup Inc. is planning to layoff or relocate thousands of employees and focus on international growth, chief executive Charles O. Prince told employees in India today, according to published reports.
Mr. Prince’s speech precedes an expected formal announcement of a broad restructuring of the New York-based bank that would affect employees in New York, London and Hong Kong, reports said.
The Wall Street Journal reported that as many as 15,000 jobs would be cut for planned savings of $1 billion.
Citigroup’s corporate and investment bank might lose about 4,000 jobs, reports said.
In his speech, Mr. Prince said that India has been the single biggest driver of growth for the bank’s international operations, reports said.
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