Citi says modest headcount reductions in Singapore

By Timothy Ouyang, Channel NewsAsia | Posted: 18 November 2008 2042 hrs

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• Citigroup says it remains committed to Asia despite job cuts

SINGAPORE : Citigroup said it remains committed to the Asia Pacific region, and
will continue to grow in key markets such as Singapore.

In a statement released on Tuesday, Citi Singapore said there will be modest

headcount reductions here.

The lender said its business in Singapore continues to register robust year-on-
year growth, and Singapore remains a regional centre for management and operations
for Citi globally.

Going forward, Citi expects its headcount in Singapore to remain relatively

stable.

The US banking giant announced on Monday it will cut 52,000 jobs worldwide in a
bid to cope with heavy losses from the global financial crisis. - CNA /ls