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Citibank says it will continue to be a net recruiter in India

Source : BUSINESS_STANDARD
Last Updated: Fri, Dec 07, 2012 07:41 hrs

pCitibank will continue to be a net recruiter in India despite plans to cut 11000 jobs globallyppStrong financial performance of the India businesses and its focus on emerging market economies is likely to convince the global bosses not to reduce personnel here senior executives of the bank saidpp&ldquoThere is no change to the business strategy for India India remains an integral part of Citi&rsquos global growth strategy We have been investing and growing our franchise in India in a disciplined manner consistent with our business model brand position and overall strategy and will continue to do so&rdquo a spokesperson from the bank&rsquos India office said in an e-mailed responsepptable width400 cellpadding2 tbody tr height20 styleheight 15pt td width755 height1 bgcolor95acb3font size2 faceTahoma colorffffffstrongINDIA PLANSstrongfonttd tr tr height20 styleheight 15pt td width755 height76 bgcolorccd7dd ul lifont size2 faceTahomaStrong show of India biz & focus on emerging market economies may convince bosses not to cut jobs here senior executives saidfontli lifont size2 faceTahomaThey confirmed job cut scope in India was limited & retrenchment would be restricted to a few after evaluating their performancefontli lifont size2 faceTahomaCiti India has recruited 1900 professionals in 2012 and will be a net recruiter of talent in India a spokesperson of the bank saidfontli lifont size2 faceTahomaThe bank currently employs over 7700 employees in Indiafontli ul td tr tbodytableppIn 2011-12 Citibank&rsquos profit after tax from the India operations expanded 35 per cent from a year before driven by growth in assets across businesses Total assets increased five per cent to Rs 128428 crore at the end of March 2012pp&ldquoCiti India has recruited 1900 professionals in 2012 till date and will continue to be a net recruiter of talent in India&rdquo the spokesperson said The bank employs about 7700 people in this country Yesterday Citigroup revealed a plan to pare roughly four per cent of its global workforce to cut costs The move comes after chairman Michael O&rsquoNeill managed to oust former chief executive Vikram Pandit in OctoberppSenior executives confirmed the scope of job cuts in India was limited and any retrenchment would be restricted to a few employeesppThey also noted there was a time lag before the impact of a global decision was felt on regional operations In December 2011 Pandit announced layoffs for 4500 employees or around two per cent of its then global workforce In India the layoff started a month later and around 100 employees were asked to resign in January 2012 They said it was difficult to estimate the number of jobs at risk in India at this point of timeppSince last year a number of global banks and financial services firms have dismissed scores of employees in their India unit as slowing growth in home markets and a worsening macro-economic environment forced them to cut costsp

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