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SINGAPORE: US banking giant Citigroup said Tuesday it remains committed to the Asia-Pacific region despite a move to cut 50,000 jobs worldwide due to the financial crisis.
Jobs in the region will be among those to go, said Richard Tesvich, a Citi spokesperson. He did not give any numbers.
"We are repositioning our business to be more efficient and productive in the current difficult market conditions. As a result, some jobs will change and others may no longer be necessary," he said in a statement to AFP.
"We expect a reduction in overall headcount in the region," he said, adding however that "we remain committed to Asia Pacific and continue to recruit selectively".
An industry analyst who did not wish to be named said the job cuts in the region would be "modest in numbers".
Citigroup said Monday it was slashing a near-record 50,000 jobs worldwide as the company tightens its belt further to cope with a global financial crisis and heavy losses.
The cuts "would be split into the current divestures, and some natural attrition, plus lay-offs," a company source had said on condition of anonymity.
Citigroup, in a document for presentation to employees by chief executive Vikram Pandit, said that the headcount was "expected to be down 20 per cent in the near-term from peak levels."
At that peak, in the 2007 fourth quarter, Citigroup had a global workforce of 375,000 employees.
By the end of September the workforce had been trimmed to 352,000. The latest job cuts to be announced would take it to approximately 300,000.
- AFP/yt
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