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Citigroup jobs in Bahrain safe.

CITIGROUP Citigroup

U.S. holding company formed in 1998 from the merger of Citicorp (itself a holding company incorporated in 1967) and Travelers Group, Inc. The $70 billion merger included one of the largest U.S. investment banks, Salomon Smith Barney Inc.
 jobs in Bahrain Bahrain or Bahrein (both: bärān`, bə–), officially Kingdom of Bahrain, constitutional monarchy and archipelago (2005 est. pop. 688,300), 266 sq mi (689 sq km), in the Persian Gulf.  are safe, despite a decision to split the global bank into two groups, an official declared yesterday. Bahrain will remain part of the "core business" and "high growth" Citicorp part of the new structure.

One official said the decision on January January: see month.  16 to split the group into Citicorp and Citi Holdings was taken to optimise optimise - To perform optimisation.  the company's global businesses for future profitable growth and opportunities.

"This structure will enable Citi to focus on driving the performance of its core businesses and, separately, on realising value from non-core assets," said the official, who would not be named.

"This will help in our ongoing efforts to reduce our balance sheet and simplify our organisation, which will enable us to better serve our clients and customers in both businesses, without disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. ."

He said in light of market opportunities, the group believed the new structure would provide a wide range of options to continue strengthening its core franchise.

"With lower risk and a streamlined set of businesses, we expect Citicorp to be a high-return and high-growth business," said the official.

"With the new Citi Holdings, we will be able to tighten our focus on risk management and credit quality for businesses with strong market positions but that are not central to our core franchise."

Citibank CITIBANK First National City Bank  Bahrain marketing director Bilal Alavi reiterated that all of the group's business the Middle East, including in Bahrain, came within Citicorp.

"This means that it is our core business, which has been identified as a high growth area," he said.

A senior bank official had told the GDN GDN Garden (postal suffix)
GDN Gdansk, Poland - Rebiechowo (Airport Code)
GDN Global Data Network
GDN Goods Dispatch Note
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 in November that the Gulf and Middle East had been identified as a "high growth" area, meaning it would need to retain all its employees here.

The official said the majority of job losses would be in the US and Europe and parts of Asia.

He stressed there would not be a single job lost in Bahrain and the Middle East region.

However, he admitted there had been some cost-cutting exercises, including new restrictions on overseas travel for staff.

His revelation came as the group announced it was slashing slash·ing  
adj.
1. Bitingly critical or satiric: slashing wit.

2. Dashing; pelting: a slashing hailstorm.

3.
 more than 50,000 jobs all over the world, as a direct result of the global financial crisis.

The New York-based bank lost $20.3 billion (BD7.67bn) last year and some analysts do not expect it to make money before 2010.

Citi global chief executive officer Vikram Pandit Vikram Pandit received an MS degree in 1977 and a BS degree in electrical engineering in 1976 from Columbia. He also earned a PhD in Finance from Columbia University in 1986.  was earlier quoted as saying that with lower risk and a streamlined set of businesses, they expect Citicorp to be a high-return and high-growth business.

"And with the new Citi Holdings, we will be able to tighten our focus on risk management and credit quality for businesses with strong market positions but that are not central to our core franchise," he said.

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Publication:Gulf Daily News (Manama, Bahrain)
Date:Jan 19, 2009
Words:477
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