Citigroup’s job cut wave seems to have arrived in Malaysia, sparking fear of job loss for some of the 4,000 staff the group employs under its flagship bank, Citibank.
In a news published by the Business Times, the CEO of Citibank Malaysia, Sanjeev Nanavati was reported to say that “staff numbers will be cut slightly as it seeks to be more efficient and productive”.
However, no details of the job cut plan was disclosed or elaborated.
Citibank Malaysia’s staff are scattered around 7 branches located in Kuala Lumpur, Selangor, Johor and Penang.
A few days ago, Citigroup, from its global headquarter in New York, announced a massive layoff exercise involving more than 50,000 staff worldwide working in various divisions and subsidiaries of the group, including Citibank. It is part of the plan to trim the company’s total workforce by 20%. The layoff also involves selling off some risky and unprofitable assets, which will result in the transfer of the group’s employees to different companies.
Citibank is the first bank from the United States to have started their operation in Malaysia. As of February 2008, Citibank is the 7th largest bank in the world by market capitalization, in a list dominated by banks from China, with three of them occupying the top 10 ranking.