Citi to cut more than half of its staff in India

Citi will cut up to 60 percent of its workforce in India, a senior executive said on Thursday, a sign of the pressure on the financial services company as it struggles to stem a surge in losses in the global market.

Citi, the world’s largest bank by assets, reported a net loss of $1.6 billion for the second quarter.

It has also been grappling with a spate of high-profile scandals that have rocked the bank in recent months, including allegations that executives stole customer funds and manipulated benchmarks.

Citing a confidential source with knowledge of the matter, Reuters reported that the bank is considering reducing staff in the Indian capital and other parts of India.

Creditors are demanding higher compensation, Citi CEO Vikram Pandit said in an interview.

The bank had earlier said it would reduce its workforce by about 10 percent in India.

Pandit also said that Citi is working on the creation of a new headquarters in Mumbai, where it plans to build the $3.7 billion Mumbai office.

The announcement came as the global financial services sector is struggling with a rise in bad loans and a sharp drop in lending to India, the fastest-growing economy.

Cited by the Wall Street Journal as the largest bank in the world by assets and by Reuters as the second-largest in India by assets in the second half of the year, Citing unnamed sources, Reuters said the bank plans to cut the size of its Indian operations by half, or up to 30 percent.

It added that Citaly’s exit will also mean a reduction of at least one-third of its global staff in its India operations.

Citalys India office in Mumbai will be shut down, according to Reuters sources.

CITIC spokesman Manish Bajaj declined to comment.

In February, Cital y reported a $1 billion loss on $13 billion in revenue for the first three months of the current fiscal.

The financial services giant has been hit by the resignation of former CEO Vikas Agarwal, who took over in August.

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