Citi Australia staff cuts 'minimal'
Following comments made by Citigroup's global chief executive officer Vikram Pandit that the company plans to cut around 4,500 jobs worldwide, Citi Australia claims it has made minimal reductions to staff numbers over the past 12 months.
Pandit recently told a Citigroup investor conference in New York that the company had started "a firm-wide reduction of headcount this quarter that will affect roughly 4,500 positions and will be completed over the next few quarters".
"We anticipate recording a charge in the fourth quarter for severance and other expenses related to this of approximately $400 million," Pandit added
In regards to Citigroup's Australian operations, a spokesperson from Citi Australia said the company undertook a year-end process this month and confirmed that there have been minimal reductions to headcount over the past 12 months.
The staff cuts at Citi Australia are in the "single digits" and will not impact the business or its ability to service its clients, she said.
"We're continuing to make strategic hires where it makes sense," she said.
She added that strategic hiring would continue across both Citi Australia's retail and institutional businesses.
Citi Australia employs about 2,000 people, but the spokesperson could not confirm whether or not Pandit's comments would affect positions at Citi Australia in the future.
Recommended for you
AZ NGA has entered into a strategic partnership with national advice firm MiQ Private Wealth, as a way to provide a succession solution, as well as career development opportunities for staff.
While the advice profession struggles under growing operating costs, Adviser Ratings has found more than half of practices – some 58 per cent – that generate less than $250,000 in revenue report no profit at all.
The Federal Court has ordered the freezing of assets and the appointment of receivers to two entities linked to Australian Fiduciaries, ASIC’s latest move in an ongoing investigation into the company’s managed investment schemes.
Off the back of the August adviser exam results, the profession has seen 17 new entrants hit the Financial Adviser Register (FAR) this week, helping numbers return to positive territory.
