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Citigroup lays off about 40 staff in Singapore

12-08-2011 09:55 BJT

SINGAPORE, Dec. 8 (Xinhua) -- Citigroup Singapore has laid off about 40 staff in Singapore in recent weeks, local daily Straits Times reported on Thursday.

The job cuts, which included senior positions, came as the American bank announced on Wednesday that it would cut 4,500 jobs globally. A spokesman for the company confirmed that there have been layoffs.

"Although there have been a few departures resulting from the review of our business, our total workforce remains stable as we continue to hire as and when needed," he said. "Citi remains committed to investing in and expanding our business in key markets like Singapore."

Citigroup said it has set aside some 400 million U.S. dollars for the severance and other costs related to the job cuts globally.

The cuts in Singapore are believed to have come selectively across its investment bank, markets team and private bank.

Citigroup has a significant presence in Singapore and has increased its headcount from 8,000 at the end of 2008 to about 10, 000 now. It is one of the largest bank employers in Singapore with operations spanning consumer banking, corporate banking, investment banking and private wealth management.

Editor:Zhang Hao |Source: Xinhua

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