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.
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