Citi employees in Singapore have gone through three rounds of layoffs in six months since the US bank announced a major restructuring last September.
The Citi building in Singapore's central business district. The Singapore office has undergone three rounds of layoffs between November and March. SINGAPORE: They went through one round of layoffs last November. And another in January. Then a third round in March.
Citi did not confirm the figure, instead saying that its headcount fluctuates due to factors including attrition and"changes to contract and non-employee resourcing needs". "They didn't formally announce the number of cuts to . I heard that there's more coming but no formal news on that," said Amy, who is still with the bank's global consumer bank business division.
“Very competent, capable people were let go of. People who were valued by their peers and managers,” he said. “It was very sad.” “Many have also left on their own accord after because of the uncertainty or simply because they don’t believe in the direction that the bank is heading towards.” After March, she started actively looking for a new job. Other colleagues told her they were also open to leaving the bank, but she said many were taking a wait-and-see approach.Hunting for a new job has been difficult for Mark, who said it’s an employer’s market in the banking industry now.
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