IT jobs face threat of budget cuts at Citigroup

by Editor 4/23/2008 4:35:00 PM

As many as 25,000 Citigroup jobs are under threat as the company's new chief executive Vikram Pandit has ordered massive budget cuts for IT operations and staff as part of the new cost-cutting scheme.

In the last year, the company’s shares have plunged more than 50 percent. 

Pandit was named Citigroup's CEO in December 2007. Since he was appointed to the position, he has decided to centralize IT decision making in New York under Don Callahan, the chief administrative officer.

Pandit told Financial Times: “It is clearly feasible for us to take 10%, 15% or 20% off our cost base, especially in information technology and operations.”

The bank held the annual meeting on Tuesday. Contrary to experts’ predictions, Pandit said that they had no plans to change Citigroup’s dividend policy at this time. The dividend was already cut earlier this year and further changes were expected after the bank had posted a $5.1 billion loss in the first quarter of 2008.

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