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Citigroup to slash 100 jobs in India

US-based financial services firm Citigroup is planning to eliminate 100 jobs in India as part of its global restructuring exercise.

The headcount reduction will be across all of the bank’s businesses.

Citigroup said it continuously reviews its internal processes and organizational structure to right size the organization for efficient growth.

Citi India, which employs about 7,000 people in the country, hired more than 1,500 professionals in India in 2011.

Citi India’s operations include corporate and investment banking, consumer banking, private banking services.

In December 2011, Citigroup has revealed its plans to lay off 4,500 jobs worldwide in the coming months to reduce costs amid slumping revenues and unprecedented market conditions.

Citigroup has reported a net income of $1.17bn, down 11%, for the fourth quarter of 2011, compared to $1.31bn for the same period in 2010.