UPDATE 1-Citi to cut less than 300 jobs in Singapore-sources
(adds Singapore detail)
By Saeed Azhar
SINGAPORE Nov 18 (Reuters) - Citigroup (C.N: Cotización) may cut less than 300 jobs in Singapore, a sign Asia could see much smaller cuts than other regions as part of the U.S. bank's global restructuring plan, sources told Reuters on Tuesday.
The job cuts, which will be implemented soon, are part of plans revealed by Citigroup on Monday to cut 52,000 staff globally by early next year in a dramatic move to restore the second-biggest U.S. bank to health.
Citigroup employs about 9,000 people in Singapore and the layoffs account for about 3 percent of its staff, said a source who declined to be identified because the plans were not public.
"In Singapore, there will be modest headcount reductions," a bank spokesman said. "Our business in Singapore continues to register robust year-on-year growth and remains a regional centre for management and operations for Citi globally."
Citi recently opened its 20th branch in the city-state, a growing centre for financial services and private banking.
It was unclear how many jobs would be cut in other parts of Asia. Citi employs 55,000 people in Asia including Japan.
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