Weak markets and tougher regulations have seen global banks outlining their plans to slash over 125,000 jobs this year. Asia, for that matter had remained largely untouched by the job axe; but things are apparently changing. Citigroup Inc plans to slash 4,500 jobs worldwide; it has decided to cut about 100 jobs in India, where it has been expanding rapidly, while reiterating that the country remained among its highest priority markets. Citi, one of the top three foreign banks in India along with Standard Chartered and HSBC, has about 7,000 staff in the country and operates across several businesses including corporate, consumer, investment banking and wealth management. The headcount reduction will be across all of the bank's businesses, but is not likely to include managing director level executives. Interestingly the bank had hired 1,500 staffs in India in 2011.
Source: The Financial Express