This is absolute sad news for bank employees like us …..Expect Citigroup to reach headcount reductions by selling off and outsourcing IT operations where it can, one analyst said
Given Citigroup’s stated plans, a massive headcount reduction announced yesterday is sure to include a fair share of IT jobs.
The financial giant said on Monday it was planning to reduce headcount by a staggering 52,000 employees over the next few months — the largest reduction by a company since IBM’s layoffs of 60,000 employees back in 1993, and the 50,000 cuts by Sears that same year, says executive outplacement firm Challenger, Gray & Christmas Inc.
Citigroup’s latest round comes on top of the 17,000 cuts that the company has already made in the first three fiscal quarters of this year.
The goal now is to pare down the workforce from its current level of 352,000 to about 300,000 employees worldwide, Citgroup CEO Vikram Pandit said in an investor presentation (PDF) posted on the company’s Web site yesterday.
