Citi’s Singapore workforce shrinks by 500 amid global restructuring — ST

(July 8): Citigroup Inc’s workforce in Singapore has shrunk by about 500 people amid a global restructuring planned by the Wall Street giant, the Straits Times reported Monday.

It currently has 8,000 full-time and contract staff in the city-state, down from 8,500 in October. The lender has eliminated management layers and other roles focused on Asia Pacific to streamline operations, ST reported.

Some staff have moved to the bank’s newly formed international division that oversees its businesses outside of North America, Singapore Citi country officer Tibor Pandi said in an interview with the local newspaper.

“Management layers are fewer, decision-making is faster, and the governance across the firm becomes much simpler,” Pandi was reported as saying.

Singapore remains one of the bank’s largest operations, Pandi said. Citi Singapore is looking to hire more staff for its growing wealth business as well as commercial bankers to cater to companies expanding in the region, he added.

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