clipped from: www.nytimes.com Mr. Prince’s stop in India comes just weeks before Citigroup will announce a broad restructuring plan that could involve the elimination or relocation of as many as 15,000 high-cost jobs from areas including New York, London and Hong Kong, several executives briefed on the matter say. The net job loss could be 10,000 to 12,000, some through attrition.
Managers in these units have been asked to review highly paid employees and look for places to cut fat, particularly just below managing director level.
During his town hall meeting, Mr. Prince gave an unexpected nod to John Reed, the former Citibank chief who tumultuously shared the top spot at Citigroup with Sanford Weill after it merged with Travelers Group.