EMCC European Monitoring Centre on Change

Citigroup

Company/Organisation:
Citigroup

Geographic Location

Country: World
Location of affected unit(s): Western Europe, United States

Company

Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation
Number Employed: 327000
Group: Citigroup

Employment Effects

Announcement Date: 11-04-2007
Planned Job Reductions min: 17000
Planned Job Reductions max: 45000
Type of Restructuring: Internal restructuring
Foreseen End Date: 31-12-2007
Direct Dismissals: 17000

Additional Information

The American banking company Citigroup announced on 11 April 2007 its plan to proceed to a prominent restructuring in the United States and Western Europe. No country was mentioned but the restructuring may concern between 17,000 and 45,000 people. It is the first big workforce reduction occurring in the bank during the past ten years. Citigroup, founded in 1998 following the merger of Citibank and the insurance company Travelers, offers retail banking and investment banking services. 327,000 people are employed by the group in 100 countries all over the world. With this plan the group intends to cut down costs by 1 billion USD each year by reducing some administrative layers and transferring some of its activities to lower cost countries (i.e. from the UK to Poland). Around 9,500 workers from Citigroup branches outside the United States may be affected.