Citigroup may be forced to cut up to 24,000 jobs worldwide after the Chinese government reportedly pulled out of a deal to inject £1 billion into the banking group. The two had been in talks for several weeks, though following China Development Bank’s decision opting not to invest in Citigroup, as many as 300,000 of Citigroup’s staff may lose their jobs in the next year – an eighth of Citigroup’s total staff.
Reports of necessary job cuts are circulating despite a reported multibillion dollar cash injection from a consortium of Asian and Middle Eastern investors . Citigroup is badly in need of extra capital following a painful 2007 in which the bank was one of the worst affected by the credit crisis. In addition to previous write-downs, sub-prime losses in the fourth quarter reportedly amounted to £12 billion.
Citigroup May Make Jobcuts
Citigroup May Make Jobcuts
Fri, 18 Jan 2008
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