The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
13,200 jobs Number of planned job losses
Announcement Date
21 April 2008
Employment effect (start)
21 April 2008
Foreseen end date
Description
American bank Citigroup has announced that it is cutting 9,000 jobs following large multibillion dollar losses linked to the credit crisis and sub-prime related investments. The job cuts follow 4,200 layoffs announced in January.
The bank made a loss of $5.11bn (£2.7bn) in the first quarter of 2008 following a $9.8bn loss in the final three months of 2007. The results included about $12bn of write-downs for sub-prime mortgages and other high risk assets.
Citigroup employs about 369,000 people worldwide.
Sources
18 November 2008: Hospodárske noviny
21 April 2008: Hospodárske noviny
Citation
Eurofound (2008), Citigroup, Internal restructuring in World, factsheet number 66529, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66529.
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