New York-based Citi’s global job cuts have reportedly reached Asia, with dozens of employees in the region, most notably in research roles, being offloaded.
Citi is planning to lay off around 20 equity researchers in Asia Pacific, including roles based in Hong Kong, Japan, Australia and South Korea, according to a «Reuters» report citing unnamed sources. Separately, Liu Li-gang, head of APAC economic analysis, Robb Hoffman, Citi Private Bank's South Asia head of investment counselors, and Matthew Read, Singapore retail banking head, are also leaving the US lender, according to «Bloomberg» report.
Citi is in the midst of a global overhaul after announcing earlier this month that it would eliminate 20,000 jobs as part of efforts to save up to $2.5 billion and improve profitability. In 2023, Citi’s net income fell 38 percent year-on-year to $9.2 billion, which included a $1.8 billion loss in the fourth quarter.
