Type
Internal restructuring
Country
World
Region
Location of affected unit(s)
Western Europe, United States
Sector
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.19 - Other monetary intermediation

17,000 - 45,000 jobs
Number of planned job losses
Job loss
Announcement Date
11 April 2007
Employment effect (start)
Foreseen end date
31 December 2007

Description

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.


Sources

  • 12 April 2007: L'Echo
  • 12 April 2007: Hospod├írske noviny
  • 12 April 2007: La Libre Belgique
  • 12 April 2007: Le Soir

Citation

Eurofound (2007), Citigroup, Internal restructuring in World, factsheet number 65226, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65226.