This company has thrown 2000 people out of their jobs. So far this year, this group has laid off 7000 people. More layoffs may be seen.
There are many big companies in which there is a possibility of layoffs. In the third quarter of the year, Citigroup Inc has laid off 2000 people. So far this year, this group has laid off 7000 people. According to Bloomberg report, severance charges have been $650 million. Let us tell you, severance charges are given by the company to the employees when their job is ending.
According to information given by Citigroup CFO Mark Mason, severance charges in June were $450 million. Then 5000 people were laid off.
These layoffs being done by Citi Group are the result of company restructuring. The company has said that more people will have to be laid off in the coming times. However, the complete number is still not known. Let us tell you that even after the retrenchment done by Citi Group, the number of people working in the firm is 2,40,000. The group has added people for many other departments including technology.
Company’s expenses increased
According to the information given by Citi Group, their expenses increased by 6 percent to $ 13.5 billion in the third quarter of the year. The bank believes that this will cost a total of $54 billion. Let us tell you, the company is trying to cut expenses amid the current circumstances.
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