Citibank lay-offs: fires employees

Another credit crunch, another bank suffering the aftermaths of subprime mortgage crisis and finally going for a headcount reduction.

As per the enws, the famous Citibank is planning a massive lay-off, much more than what was expected as compared to lat year.

traditionally, the citibank employees, bottom 5% of them used to be fired on the basis of performance. However, this year, the no. is expected to be much higher than last years. citibank is citing the reasons of cost cutting and expansion of business in other regions, which may appear to be more profitable.

Needless to say, the majority of layoff for citibank emplyees will be those who will be fires from the mortgage and loans disision of citibank banking.

Ot of the total 60,000 citibank employees - around 4,200 jobs will be cut. moreover, apart from these 4200, there can be many more rounds of layoffs, the second one expected to reduce around 2000 citibank employees.

Citigroup employs about 320,000 people around the world. Even before the credit crisis started last summer, the company announced that it was reducing its staff by 17,000.