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Industry News Articles

Citigroup to cut over 11,000 jobs

6 December 012

Citigroup will cut 11,000 jobs worldwide.

The majority of the cuts will be lost in the multinational’s consumer banking division, and the bank will see its headcount reduce by 4% after the cuts.

Consumer operations will either be sold or reduced back in Pakistan, Paraguay, Romania, Turkey and Uruguay.

Other countries affected by the cuts include Brazil, Hong Kong, Hungary, South Korea, the US, Greece and Spain. Citigroup intends to focus on the 150 cities that have the highest growth potential in consumer banking, and said that the changes will leave the company $900m better off in 2013.

The job losses are to cost around $1bn (£621m) in pre-tax charges. The announcement comes two months after former Chief Executive, Vikram Pandit, resigned. He left with a settlement of more than $15m.

Flexible Borer's FUSION Attendance Management System

If employees are asked to undertake different shifts or working patterns to the restructing of the company, then FUSION’s Time and Attendance System take this in their stride. Our FUSION Time and Attendance systems deal with all clocking matters, from simple collection of employees' clocking data, through to job costing and extensive labour hours analysis. Many working patterns – flexi-time, night shifts and overtime are easily created with the software.

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Access Control Systems using Power over Ethernet (PoE) Technology from Borer