After suffering massive losses from deteriorating debt, Citigroup Inc, is going to cut about 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself.
This news has been posted on the company’s website. Moreover, at the town hall meeting of the company, the plans were being discussed by CEO Vikram Pandit in New York on Nov 17 with employees.
In October, the company had already announced that it was eliminating about 22,000 jobs from the Read more…
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Citigroup and Central China Securities (CCS) will apply to Chinese regulators to establish an investment joint venture. Having already helped Chinese companies list in Hong Kong, Citigroup’s involvement in the country’s domestic investment banking turns out to be an important expansion.
According the new plan, Citigroup would own the maximum allowable 33% stake in the joint venture, while Central China Securities will own the majority.
Citigroup is taking an active part in China’s commercial and retail banking sectors, where it has began to provide Yuan retail banking services and has a minority stake in Shanghai Pudong Development Bank and an actual management control of Guangdong Development Bank.
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CCS, China investment bank, Citigroup, commercial and retail banking, joint venture
After suffering massive losses from deteriorating debt, Citigroup Inc, is going to cut about 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself.