Connect with us

World

World News: Huge cuts at Citigroup as financial crisis still bites

Legacy Phuket Gazette

Published

 on 

PHUKET MEDIA WATCH

– World news selected by Gazette editors for Phuket’s international community

Citigroup to cut more than 11,000 jobs worldwide
Phuket Gazette / News Wires

PHUKET: Global financial conglomerate Citigroup yesterday announced it plans to cut more than 11,000 jobs, or about four percent of its global workforce, in a bold move by the company’s new chief executive officer to further reduce expenses and improve efficiency.

Citigroup CEO Michael Corbat, who took over after the sudden resignation of Vikram Pandit in October, said the latest actions are the “logical next steps” in the transformation of Citigroup, which nearly collapsed during the financial crisis of 2008 and was forced to take two massive taxpayer-funded bailout loans.

“While we are committed to – and our strategy continues to leverage – our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns,” Corbat said. “We will further increase our operating efficiency by reducing excess capacity and expenses, whether they center on technology, real estate or simplifying our operations.”

As a result of the layoffs, the company expects to record pre-tax charges of approximately $1 billion in the fourth quarter of 2012 and approximately $100 million of related charges in the first half of 2013. But starting in 2014, the changes should result in annual expense savings of approximately $1.1 billion annually.

Hardest hit will be Citi’s consumer banking division (GCB) where 6,200 people are to lose their jobs, of which approximately 40 percent are in the Operations & Technology functions that support the business. As a result of the actions, Citi expects to either sell or significantly scale back the consumer operations of GCB in Pakistan, Paraguay, Romania, Turkey and Uruguay.

Of the job losses overall, approximately 4,600 jobs are to be cut in North America, 2,100 in Latin America, 750 in Asia and the remaining 3,800 cuts will be made in the division which includes Europe, the Middle East and Africa.

— Phuket Gazette Editors

 

Get more from The Thaiger

Looking for your next home in Thailand? Let us match you with a local expert in minutes!

Thank you for your interest!

One of our agents will
reach out to you soon.

I want to:
  • Thailand (ไทย)+66
  • United States+1
  • United Kingdom+44
  • Australia+61
  • Afghanistan (‫افغانستان‬‎)+93
  • Albania (Shqipëri)+355
  • Algeria (‫الجزائر‬‎)+213
  • American Samoa+1684
  • Andorra+376
  • Angola+244
  • Anguilla+1264
  • Antigua and Barbuda+1268
  • Argentina+54
  • Armenia (Հայաստան)+374
  • Aruba+297
  • Australia+61
  • Austria (Österreich)+43
  • Azerbaijan (Azərbaycan)+994
  • Bahamas+1242
  • Bahrain (‫البحرين‬‎)+973
  • Bangladesh (বাংলাদেশ)+880
  • Barbados+1246
  • Belarus (Беларусь)+375
  • Belgium (België)+32
  • Belize+501
  • Benin (Bénin)+229
  • Bermuda+1441
  • Bhutan (འབྲུག)+975
  • Bolivia+591
  • Bosnia and Herzegovina (Босна и Херцеговина)+387
  • Botswana+267
  • Brazil (Brasil)+55
  • British Indian Ocean Territory+246
  • British Virgin Islands+1284
  • Brunei+673
  • Bulgaria (България)+359
  • Burkina Faso+226
  • Burundi (Uburundi)+257
  • Cambodia (កម្ពុជា)+855
  • Cameroon (Cameroun)+237
  • Canada+1
  • Cape Verde (Kabu Verdi)+238
  • Caribbean Netherlands+599
  • Cayman Islands+1345
  • Central African Republic (République centrafricaine)+236
  • Chad (Tchad)+235
  • Chile+56
  • China (中国)+86
  • Christmas Island+61
  • Cocos (Keeling) Islands+61
  • Colombia+57
  • Comoros (‫جزر القمر‬‎)+269
  • Congo (DRC) (Jamhuri ya Kidemokrasia ya Kongo)+243
  • Congo (Republic) (Congo-Brazzaville)+242
  • Cook Islands+682
  • Costa Rica+506
  • Côte d’Ivoire+225
  • Croatia (Hrvatska)+385
  • Cuba+53
  • Curaçao+599
  • Cyprus (Κύπρος)+357
  • Czech Republic (Česká republika)+420
  • Denmark (Danmark)+45
  • Djibouti+253
  • Dominica+1767
  • Dominican Republic (República Dominicana)+1
  • Ecuador+593
  • Egypt (‫مصر‬‎)+20
  • El Salvador+503
  • Equatorial Guinea (Guinea Ecuatorial)+240
  • Eritrea+291
  • Estonia (Eesti)+372
  • Ethiopia+251
  • Falkland Islands (Islas Malvinas)+500
  • Faroe Islands (Føroyar)+298
  • Fiji+679
  • Finland (Suomi)+358
  • France+33
  • French Guiana (Guyane française)+594
  • French Polynesia (Polynésie française)+689
  • Gabon+241
  • Gambia+220
  • Georgia (საქართველო)+995
  • Germany (Deutschland)+49
  • Ghana (Gaana)+233
  • Gibraltar+350
  • Greece (Ελλάδα)+30
  • Greenland (Kalaallit Nunaat)+299
  • Grenada+1473
  • Guadeloupe+590
  • Guam+1671
  • Guatemala+502
  • Guernsey+44
  • Guinea (Guinée)+224
  • Guinea-Bissau (Guiné Bissau)+245
  • Guyana+592
  • Haiti+509
  • Honduras+504
  • Hong Kong (香港)+852
  • Hungary (Magyarország)+36
  • Iceland (Ísland)+354
  • India (भारत)+91
  • Indonesia+62
  • Iran (‫ایران‬‎)+98
  • Iraq (‫العراق‬‎)+964
  • Ireland+353
  • Isle of Man+44
  • Israel (‫ישראל‬‎)+972
  • Italy (Italia)+39
  • Jamaica+1
  • Japan (日本)+81
  • Jersey+44
  • Jordan (‫الأردن‬‎)+962
  • Kazakhstan (Казахстан)+7
  • Kenya+254
  • Kiribati+686
  • Kosovo+383
  • Kuwait (‫الكويت‬‎)+965
  • Kyrgyzstan (Кыргызстан)+996
  • Laos (ລາວ)+856
  • Latvia (Latvija)+371
  • Lebanon (‫لبنان‬‎)+961
  • Lesotho+266
  • Liberia+231
  • Libya (‫ليبيا‬‎)+218
  • Liechtenstein+423
  • Lithuania (Lietuva)+370
  • Luxembourg+352
  • Macau (澳門)+853
  • Macedonia (FYROM) (Македонија)+389
  • Madagascar (Madagasikara)+261
  • Malawi+265
  • Malaysia+60
  • Maldives+960
  • Mali+223
  • Malta+356
  • Marshall Islands+692
  • Martinique+596
  • Mauritania (‫موريتانيا‬‎)+222
  • Mauritius (Moris)+230
  • Mayotte+262
  • Mexico (México)+52
  • Micronesia+691
  • Moldova (Republica Moldova)+373
  • Monaco+377
  • Mongolia (Монгол)+976
  • Montenegro (Crna Gora)+382
  • Montserrat+1664
  • Morocco (‫المغرب‬‎)+212
  • Mozambique (Moçambique)+258
  • Myanmar (Burma) (မြန်မာ)+95
  • Namibia (Namibië)+264
  • Nauru+674
  • Nepal (नेपाल)+977
  • Netherlands (Nederland)+31
  • New Caledonia (Nouvelle-Calédonie)+687
  • New Zealand+64
  • Nicaragua+505
  • Niger (Nijar)+227
  • Nigeria+234
  • Niue+683
  • Norfolk Island+672
  • North Korea (조선 민주주의 인민 공화국)+850
  • Northern Mariana Islands+1670
  • Norway (Norge)+47
  • Oman (‫عُمان‬‎)+968
  • Pakistan (‫پاکستان‬‎)+92
  • Palau+680
  • Palestine (‫فلسطين‬‎)+970
  • Panama (Panamá)+507
  • Papua New Guinea+675
  • Paraguay+595
  • Peru (Perú)+51
  • Philippines+63
  • Poland (Polska)+48
  • Portugal+351
  • Puerto Rico+1
  • Qatar (‫قطر‬‎)+974
  • Réunion (La Réunion)+262
  • Romania (România)+40
  • Russia (Россия)+7
  • Rwanda+250
  • Saint Barthélemy+590
  • Saint Helena+290
  • Saint Kitts and Nevis+1869
  • Saint Lucia+1758
  • Saint Martin (Saint-Martin (partie française))+590
  • Saint Pierre and Miquelon (Saint-Pierre-et-Miquelon)+508
  • Saint Vincent and the Grenadines+1784
  • Samoa+685
  • San Marino+378
  • São Tomé and Príncipe (São Tomé e Príncipe)+239
  • Saudi Arabia (‫المملكة العربية السعودية‬‎)+966
  • Senegal (Sénégal)+221
  • Serbia (Србија)+381
  • Seychelles+248
  • Sierra Leone+232
  • Singapore+65
  • Sint Maarten+1721
  • Slovakia (Slovensko)+421
  • Slovenia (Slovenija)+386
  • Solomon Islands+677
  • Somalia (Soomaaliya)+252
  • South Africa+27
  • South Korea (대한민국)+82
  • South Sudan (‫جنوب السودان‬‎)+211
  • Spain (España)+34
  • Sri Lanka (ශ්‍රී ලංකාව)+94
  • Sudan (‫السودان‬‎)+249
  • Suriname+597
  • Svalbard and Jan Mayen+47
  • Swaziland+268
  • Sweden (Sverige)+46
  • Switzerland (Schweiz)+41
  • Syria (‫سوريا‬‎)+963
  • Taiwan (台灣)+886
  • Tajikistan+992
  • Tanzania+255
  • Thailand (ไทย)+66
  • Timor-Leste+670
  • Togo+228
  • Tokelau+690
  • Tonga+676
  • Trinidad and Tobago+1868
  • Tunisia (‫تونس‬‎)+216
  • Turkey (Türkiye)+90
  • Turkmenistan+993
  • Turks and Caicos Islands+1649
  • Tuvalu+688
  • U.S. Virgin Islands+1340
  • Uganda+256
  • Ukraine (Україна)+380
  • United Arab Emirates (‫الإمارات العربية المتحدة‬‎)+971
  • United Kingdom+44
  • United States+1
  • Uruguay+598
  • Uzbekistan (Oʻzbekiston)+998
  • Vanuatu+678
  • Vatican City (Città del Vaticano)+39
  • Venezuela+58
  • Vietnam (Việt Nam)+84
  • Wallis and Futuna (Wallis-et-Futuna)+681
  • Western Sahara (‫الصحراء الغربية‬‎)+212
  • Yemen (‫اليمن‬‎)+967
  • Zambia+260
  • Zimbabwe+263
  • Åland Islands+358

    image

    Join the conversation and have your say on Thailand news published on The Thaiger.

    Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

    Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

    Click to comment

    You must be logged in to post a comment Login

    Leave a Reply

    Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

      Follow Thaiger by email:

      Coronavirus (Covid-19)8 hours ago

      First Pfizer doses for children arrive, vaccination starts Monday

      Phuket11 hours ago

      Thai man arrested for shooting a foreign man at a Patong resort

      Coronavirus (Covid-19)12 hours ago

      BA.2 sub-variant of Omicron in Thailand reaches 14, 1 death

      image
      Thailand12 hours ago

      Thaiger Team Try Vegemite For Australia Day

      Economy13 hours ago

      Digital assets as payment requires more regulation in Thailand

      Phuket14 hours ago

      Venues in Phuket selling alcohol must apply for new permit

      image
      Join the conversation on the Thaiger Talk forums today!
      Thailand15 hours ago

      Thailand News Today | 9 cases of Omicron BA.2 subvariant found in Thailand

      Malaysia15 hours ago

      Malaysia’s new airline SKS is now flying to northern tax-free island resort Pangkor

      Laos15 hours ago

      Laos government allows Chinese firm to dig rare earth minerals, locals concerned

      Crime15 hours ago

      Two illegal online gambling suspects arrested in Chon Buri, police search for employer

      Indonesia15 hours ago

      Indonesia vows to end Joke Widodo’s extension, says new president will be elected in 2024

      ASEAN15 hours ago

      Cambodia PM invites Myanmar junta to the Summit if progress made on peace plan

      Thailand15 hours ago

      Rangers find man’s body in Nakhon Ratchasima national park

      Thailand16 hours ago

      Bangkok district invites LGBTQ+ to sign unofficial marriage certificate this Valentine’s Day

      Thailand16 hours ago

      Thailand improves crosswalks, other safety measures after fatal pedestrian accident

      Thailand4 months ago

      Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

      Thailand11 months ago

      Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

      Tourism11 months ago

      Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

      Phuket11 months ago

      Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

      Tourism11 months ago

      Phuket Thai food treats you need to try | VIDEO

      Thailand11 months ago

      Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

      Tourism11 months ago

      In search of Cat & Dog Cafés in Phuket Town | VIDEO

      Thailand1 year ago

      Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

      Thailand1 year ago

      Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

      Thailand1 year ago

      Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

      Thailand1 year ago

      Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

      Thailand1 year ago

      Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

      Thailand1 year ago

      Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

      Thailand1 year ago

      Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

      Thailand1 year ago

      Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

      Trending