Last October, the US investment bank and financial services company employed 8,500 full-time and contract staff, which has now been reduced to 8,000.

However, a number of the staff have been transferred to a new global division overseeing Citi’s business outside North America.

“Management layers are fewer, decision-making is faster, and the governance across the firm becomes much simpler,” Tibor Pandi,  Singapore Citi’s country officer, told ST, adding that the company’s operations are still among its biggest.

Significantly, he also said that Citi  Singapore intends to bring on board additional personnel to work in its wealth division and commercial bankers who would take care of companies growing their operations in Asia Pacific.

Source: TRADE FINANCE