CitiGroup to cut 400 jobs

CitiGroup which was affected by the subprime crisis is planning to cut 400 employees in UK and job cuts in India to follow.

Text bits from Economic Times

Reeling under huge subprime-related losses, Citigroup is planning to axe close to 400 employees in its UK investment banking business, which it might soon follow with job cuts at other places including India, a report said.

"Citigroup is to cut about 400 of its investment banking staff in the UK as part of the US bank's plan to reduce the headcount by 4,200 globally," Financial Times reported.

"The remaining 3,800 of Citi's proposed cuts are likely to fall in its US consumer finance business, as well as in Asia and India," the report added.

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