Analysis: Citigroup’s layoffs, ‘sweeping’ restructuring in uncertain economic period unlikely to affect Singapore’s financial sector

Even though there is a possibility of layoffs in Citibank Singapore, which is a subsidiary of Citigroup, they said that it would not affect Singapore’s banking and finance sector as a whole because it is still robust despite the weaker global economy.

While Citi has sold businesses and is working on fixing regulatory problems, its stock price has lagged behind its peers. Growth will be even slower in advanced economies, where growth will fall from 2.7 per cent last year to 1.5 per cent this year and remain subdued at 1.4 per cent next year. “Continued economic growth is necessary for the viability of banking,” Prof Loh said, adding that when growth is slow as it is now though, it will lead to bad business for banks.

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Analysis: Citigroup’s layoffs, ‘sweeping’ restructuring in uncertain economic period unlikely to affect Singapore’s financial sectorSINGAPORE — Citigroup’s plans to reorganise management and cut jobs came as no surprise to analysts and economists, who said that the uncertain macroeconomic environment, along with stiff competition from emerging financial technology companies, have made it necessary for banks such as Citi to streamline their reso
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