EMCC European Monitoring Centre on Change



Geographic Location

Country: World


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 352000

Employment Effects

Announcement Date: 18-11-2008
Planned Job Reductions min: 52000
Planned Job Reductions max: 52000
Type of Restructuring: Internal restructuring

Additional Information

Citigroup, a major American financial services company based in New York, has announced that it is to cut about 52,000 jobs worldwide due to the financial crisis. It was also reported that the company currently employs about 352,000 people and has already reduced its workforce by approximately 23,000 jobs at the beginning of 2008. As of November 2008, there is no information on when the job losses will be implemented by.  The job cuts were predicted to impact particularly on the group's workforce in two major financial centres, London and New York.