Citigroup getting out of Pakistan ??

[karan.1970]

Citigroup to cut more than 11,000 jobs worldwide - The Times of India

NEW YORK: Citigroup said on Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat. The cuts amount to about 4% of Citi's workforce of 262,000.

The bank did not spell out how many of the jobs will be in the United States. Most of them, about 6,200, will come from Citi's consumer banking unit, which handles everyday functions like branches and checking accounts.

Citi said that it will sell or scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay and focus on 150 cities around the world "that have the highest growth potential in consumer banking.''

 

[A.Rafay]

Citigroup is dieing and when companies die they cut thousands of jobs and shut their operations in many countries.

 

[Mahabali]

Citigroup to cut more than 11,000 jobs worldwide - The Times of India

NEW YORK: Citigroup said on Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat. The cuts amount to about 4% of Citi's workforce of 262,000.

The bank did not spell out how many of the jobs will be in the United States. Most of them, about 6,200, will come from Citi's consumer banking unit, which handles everyday functions like branches and checking accounts.

Citi said that it will sell or scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay and focus on 150 cities around the world "that have the highest growth potential in consumer banking.''

This is not good news...I am surprised Turkey is on the list.

How many foreign bank operate in Pakistan right now?I am sure Citi might have been only in 2 or 3 top cities.

Another question do you take interest on the money in bank or do you pay interest on the your loans...why I ask is coz its not right to do so as per islamic beliefs.

If not how the banking industry works can any one throw some light.

 

[IndoUS]

They will survive this most likely, even if they start going down, the government just bail them out considering the company employees such a large number of people and the number of people who are dependent on the back for loans and other things.

 

[notorious_eagle]

Citi Bank sucks here in Pakistan. Although they have been operating here in Pakistan for a long time, they have failed to make major inroads in the domestic market due to their inefficient operations. While on the other hand local Pakistani banks have really upped their game, their operations are smooth and most importantly they are focusing highly on customer service. It will be best for Citi if they exit and sell their stake to a local bank.

 

[pak-marine]

Bad Bad news so many people will get unemployed - citi bank has been there for quiet long time it will be sad to see them just leave

 

[tarrar]

Possible because this is why PPP has been installed in Pakistan by US to destroy Pakistan's economy completely.

 

[OrionHunter]

Citi Bank sucks here in Pakistan. Although they have been operating here in Pakistan for a long time, they have failed to make major inroads in the domestic market due to their inefficient operations.

I totally agree! Citibank services SUCK! Period! They need to be thrown out of India too, lock, stock, and barrel!

 

[livingdead]

Citi bank is not great in India too. They cant match HSBC or even some Indian banks.

 

[Shivani Malhotra]

Citi bank is not great in India too. They cant match HSBC or even some Indian banks.

Lolz Citigroup is doing really good in Asia Pacific and that includes India too. They have strong hold in India. They does't have such a strong hold like ICICI, HDFC reason being they don't target middle class or lower middle class family. Don't just look at the customer base, look at the money they pull out from customers.Most of the high profile people in India are doing banking with Citigroup and I know this coz I have worked with Citigroup

 

[livingdead]

Lolz Citigroup is doing really good in Asia Pacific and that includes India too. They have strong hold in India. They does't have such a strong hold like ICICI, HDFC reason being they don't target middle class or lower middle class family. Don't just look at the customer base, look at the money they pull out from customers.Most of the high profile people in India are doing banking with Citigroup and I know this coz I have worked with Citigroup

I did not say they are doing badly, just said their service quality is inferior to HSBC and even some Indian banks.
I agree its a personal opinion, you might have different experience.

 

[Devil Soul]

The only branch i know of Citibank in Lahore was near Punjab Assembly building Lahore & that is the only branch i went in once... i agree with other CitiBank totally failed to make inroads in local market.......

 

[Leader]

they had this option on cards since 90s...

 

[IceCold]

Citi bank is closing down in many countries but the thread title suggests as if its happening only in Pakistan for a specific reason. Are you trying to prove a point Mr Karan or just trying to score a brownie point?

 

[cloud_9]

I did not say they are doing badly, just said their service quality is inferior to HSBC and even some Indian banks.

HSBC is another bank whose employees are clueless about their own rules and regulations,there negligence costed me a lot of time.

Citi is the best option available for NRI's from states.