Date:19/11/2008 URL: http://www.thehindubusinessline.com/2008/11/19/stories/2008111951840600.htm

Back Citi, HSBC not to cut jobs in India for now

Our Bureau

Mumbai, Nov 18

The massive job cut announced by the global banks, such as Citibank and HSBC, may only have a limited impact for now.

Citibank, which announced that it is cutting 52,000 jobs worldwide, is unlikely to cut jobs in India for now.

A spokesperson from the bank said, “The headcount reductions announced globally will have limited impact in India following the sale of Citigroup Global Services Ltd (formerly e-Serve) to TCS, which is expected to be completed in the current quarter.”

Once the sale of CGSL has been completed, the staff strength of Citigroup in India will be effectively halved. Nothing special or significant is further expected, said the spokesperson.

HSBCannounced it is cutting 500 jobs. Out of this, 450 are in Hong Kong and the remaining 50 are in the rest of Asia, said a spokesperson from the bank.