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: 261000

Employment Effects

Announcement Date: 05-12-2012
Planned Job Reductions min: 11000
Planned Job Reductions max: 11000
Type of Restructuring: Internal restructuring
Employment Effect Start: 05-12-2012
Foreseen End Date: 30-06-2013
Direct Dismissals: 11000

Additional Information

Financial services provider Citigroup streamlines its worldwide  operations. The operation implies the loss of 11,000 or more jobs.

The company estimates that 6,200 positions will be lost in Global Consumer Banking, among others in consumer operations in Romania. Another 1,900 jobs will be lost in its Institutional Clients Group. In Europe, the company will reduce in Hungary four branches in that department. 350 jobs will be eliminated at Citi Holdings, notably in Greece and Spain. 2,600 positions will be lost in supporting services and Global Functions.