Pinoy workers to benefit from Citigroup job cuts

MANILA, Philippines - Worldwide job cuts planned by American financial leader CitiGroup will likely be a boon more than a bane to Filipino workers, a company executive said. Citigroup, which earlier said it is cutting 52,000 jobs from its global workforce, is expected to move some of its operations to countries like the Philippines. “The Philippines will benefit from the restructuring and repositioning of our business because part of the [plan] is to move jobs to locations such as to the Philippines," Citi Country Officer Sanjiv Vohra said at the sidelines of 2008 Citi Microentrepreneur of the Year Awards on Wednesday. Vohra said the Citigroup’s business unit restructuring will be taking place within the next six months. “We expect that the Philippines will actually see growth in jobs as the restructuring and repositioning takes place over the next couple of quarters," he said. Potential jobs will be coming from potential adjustments in the Citigroup's operations in India and Germany. The Philippine unit of Citigroup employs roughly 4,000, or one percent of the global Citi workforce. Vohra said no further restructuring are being planned for Citigroup's Philippine offices at this time. The Philippine business of Citigroup is involved in providing banking, asset management, loans, and outsourcing services. - GMANews.TV