<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Only 'modest' staff cuts in Citi S'pore
</TR><!-- headline one : end --><TR>Bank's business here profitable, with robust year-on-year growth </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Francis Chan
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Globally, Citigroup plans to cut 52,000 jobs, but declined to comment on reports of a possible chopping of 300 jobs from its Singapore operations. -- ST PHOTO: MUGILAN RAJASEGERAN
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->CITI Singapore, one of the largest employers in the local finance sector, said job cuts here will not be high despite plans to slash 52,000 jobs across Citigroup's global operations.
'In Singapore, there will be modest headcount reductions,' said Citi Singapore's corporate affairs director, Mr Adam Rahman. Citi provides employment to over 9,000 people in Singapore.
Mr Rahman was responding to queries from The Straits Times yesterday, on the back of the news of massive job cuts announced by Citigroup on Monday.
According to Mr Rahman, Citi's business interests in Singapore remain profitable and should not be significantly affected by the planned job cuts.
He said: 'Citi continues to invest in growth in key markets such as Singapore. Our business in Singapore continues to register robust year-on- year growth and remains a regional centre for management and operations for Citi globally. We expect our headcount in Singapore to remain relatively stable overall.'
However, he also referred to looming but possibly permanent changes in the banking industry.
'In line with Citi's global efforts to increase efficiency and productivity in the current difficult market conditions, some jobs will change and others will no longer be necessary,' he added.
When asked if there was any truth in yesterday's Reuters report of a possible chopping of 300 jobs from its Singapore operations, Citi declined to respond in line with its policy of not commenting on market speculation.
Citigroup, one of the few American banking behemoths left standing on Wall Street, said it will cut 52,000 jobs from early next year.
According to Bloomberg, that figure was twice the target announced last month, as losses in its loans portfolio rise and the economy shrinks.
The headcount reductions announced at a meeting with employees in New York comprise 9,100 positions Citi began cutting from last month and about 16,900 announced on Monday.
The same report also said Citigroup will cut a further 26,000 positions through asset sales, 7,900 more than in the previous plan.
Citigroup employs a total of 352,000 people globally and the cuts represent 15 per cent of its workforce.
At its Singapore offices in Temasek Avenue, most of the staff were surprised by Monday's news.
'It was quite a shock to read about it, but we haven't heard anything yet,' said one employee who spoke to The Straits Times on condition of anonymity.
Citi's website said it has been in Singapore since 1902. Today, the bank primarily serves three major types of clients which include institutional clients and retail consumers, and high-net-worth clients through its wealth management unit.
[email protected] <!-- end of for each --><!-- Current Ratings : start --><!-- Current Ratings : end --><!-- vbbintegration : start --><!-- vbbintegration : end --><!-- dennis change request 20070424 : start --><!---Google ad - Start : Wed, 19 Nov 2008 09:00:46:262---><!-- AdSpace STI Google ad tag --><SCRIPT language=JavaScript1.1 src="http://ads.asia1.com.sg/js.ng/site=tsti&pagepos=20&size=10X10"> </SCRIPT>
</TR><!-- headline one : end --><TR>Bank's business here profitable, with robust year-on-year growth </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Francis Chan
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
Globally, Citigroup plans to cut 52,000 jobs, but declined to comment on reports of a possible chopping of 300 jobs from its Singapore operations. -- ST PHOTO: MUGILAN RAJASEGERAN
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->CITI Singapore, one of the largest employers in the local finance sector, said job cuts here will not be high despite plans to slash 52,000 jobs across Citigroup's global operations.
'In Singapore, there will be modest headcount reductions,' said Citi Singapore's corporate affairs director, Mr Adam Rahman. Citi provides employment to over 9,000 people in Singapore.
Mr Rahman was responding to queries from The Straits Times yesterday, on the back of the news of massive job cuts announced by Citigroup on Monday.
According to Mr Rahman, Citi's business interests in Singapore remain profitable and should not be significantly affected by the planned job cuts.
He said: 'Citi continues to invest in growth in key markets such as Singapore. Our business in Singapore continues to register robust year-on- year growth and remains a regional centre for management and operations for Citi globally. We expect our headcount in Singapore to remain relatively stable overall.'
However, he also referred to looming but possibly permanent changes in the banking industry.
'In line with Citi's global efforts to increase efficiency and productivity in the current difficult market conditions, some jobs will change and others will no longer be necessary,' he added.
When asked if there was any truth in yesterday's Reuters report of a possible chopping of 300 jobs from its Singapore operations, Citi declined to respond in line with its policy of not commenting on market speculation.
Citigroup, one of the few American banking behemoths left standing on Wall Street, said it will cut 52,000 jobs from early next year.
According to Bloomberg, that figure was twice the target announced last month, as losses in its loans portfolio rise and the economy shrinks.
The headcount reductions announced at a meeting with employees in New York comprise 9,100 positions Citi began cutting from last month and about 16,900 announced on Monday.
The same report also said Citigroup will cut a further 26,000 positions through asset sales, 7,900 more than in the previous plan.
Citigroup employs a total of 352,000 people globally and the cuts represent 15 per cent of its workforce.
At its Singapore offices in Temasek Avenue, most of the staff were surprised by Monday's news.
'It was quite a shock to read about it, but we haven't heard anything yet,' said one employee who spoke to The Straits Times on condition of anonymity.
Citi's website said it has been in Singapore since 1902. Today, the bank primarily serves three major types of clients which include institutional clients and retail consumers, and high-net-worth clients through its wealth management unit.
[email protected] <!-- end of for each --><!-- Current Ratings : start --><!-- Current Ratings : end --><!-- vbbintegration : start --><!-- vbbintegration : end --><!-- dennis change request 20070424 : start --><!---Google ad - Start : Wed, 19 Nov 2008 09:00:46:262---><!-- AdSpace STI Google ad tag --><SCRIPT language=JavaScript1.1 src="http://ads.asia1.com.sg/js.ng/site=tsti&pagepos=20&size=10X10"> </SCRIPT>
The Ah Nehs and the Pinoys are the ones who reap in the profits. The locals are just overheads. They spend most of their working hours on the net surfing porn sites.
