Aussie jobs to go in Citigroup's latest clear out
Australian jobs will be included in Citigroup’s latest round of job cuts.
Citigroup’s announcement is the latest and biggest redundancy announcement to date, with the group announcing in the US it would cut 52,000 jobs from its workforce, with Australian jobs to be included in the fallout.
This is Citigroup’s second round of cuts, with 23,000 already having taken place this year. It brings the total number to 75,000 and reduces the number of employees across the group to around 300,000, from 375,000 earlier this year.
Citigroup employs 2,500 people in Australia. The cuts will be implemented in the near future, a Citigroup spokesperson said.
Around half of the redundancies globally will come from the divestment of ‘non-core’ businesses, while the other half will come from redundancies. The cuts in Australia will be direct job losses, with no businesses to be divested in Australia.
The group is slashing jobs in an effort to reduce expenses, and other cost-cutting measures will also be implemented.
Citigroup shares closed 6.6 per cent lower at the end of trading in the US yesterday.
Recommended for you
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
