The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
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
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: Hospodárske 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.
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