Reuters, 18 Nov 2008, Saeed Azhar in Singapore and Tony Munroe in Hong Kong
SINGAPORE (Reuters) - Citigroup (C.N: Quote, Profile, Research, Stock Buzz) plans to cut around 150 jobs at its wealth management unit in Asia excluding Japan as part of a global restructuring, a source familiar with the plan told Reuters on Tuesday.
The job cuts, which will be implemented soon, are part of plans revealed by Citigroup on Monday to cut 52,000 staff globally by early next year in a dramatic move to restore the second-biggest U.S. bank to health.
The source, who asked not to be identified because the details are not public, said over 60 percent of the cuts will be in Singapore and Hong Kong. Citi's Asian wealth management unit excluding Japan has 1,200 people.
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Citi to cut less than 300 jobs in Singapore-sources - Reuters, 18 Nov 08
Citi to cut less than 300 jobs in Singapore - The Washington Post, 18 Nov 08
