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
52,000 jobs Number of planned job losses
Announcement Date
18 November 2008
Employment effect (start)
Foreseen end date
Description
Citigroup, a major American financial services company based in New York, has announced that it is to cut about 52,000 jobs worldwide due to the financial crisis. It was also reported that the company currently employs about 352,000 people and has already reduced its workforce by approximately 23,000 jobs at the beginning of 2008. As of November 2008, there is no information on when the job losses will be implemented by. The job cuts were predicted to impact particularly on the group's workforce in two major financial centres, London and New York.
Sources
18 November 2008: Hospodárske noviny
Citation
Eurofound (2008), Citigroup, Internal restructuring in World, factsheet number 67409, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67409.
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