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CitiBank Jamaica not affected by staff cuts

Country manager for CitiBank Jamaica, Peter Moses, said staff will not be affected by the decision of its parent company to cut more than 10,000 jobs worldwide.

Mr. Moses told the Financial Report that Jamaica is not included in the regions where the cuts will take place.

He disclosed that the bank currently has 73 employees in Jamaica.

Citigroup on Wednesday announced that it is cutting 11,000 jobs in an efficiency drive, with most of the posts being lost in its consumer banking division.

The bank said the move, which will see its head count shrink by four per cent, would cost it about US$1 billion dollars in pre-tax charges.

Citigroup said the changes would leave it US$900 million better off in 2013 and a further US$1.1 billion dollars the following year.



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