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
500 jobs Number of planned job losses
Announcement Date
27 July 2009
Employment effect (start)
Foreseen end date
31 December 2009
Description
Citigroup, one of the main world leaders in the banking sector, is to cut 500 jobs in Italy (out of 1,000 employees) by the end of 2009. The job losses will affect the private banking business unit, which has 65 branches round the country. Consequently, this unit will be closed. Once the restructuring has been completed, Citigroup's business in Italy will be concentrated on corporate and investment banking and global transaction services.
This reorganisation plan is part of the US banking group's global restructuring programme, which envisages selling (or closure) of non-core assets of the group. Citigroup has suffered billions of dollars of losses during the global financial crisis.
Sources
28 July 2009: La Repubblica
26 July 2009: Financial Times
27 July 2009: Il Sole 24 Ore
Citation
Eurofound (2009), Citigroup, Closure in Italy, factsheet number 69432, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69432.
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