Citi to cut 20,000 jobs by 2026, spares India workforce
Citi is cutting 20,000 jobs worldwide by 2026, but India's team isn't on the chopping block.
Ernesto Torres Cantu, Citi's international head, says India's strong competitiveness and productivity are keeping jobs safe here.
Under CEO Jane Fraser since 2021, Citi has been shaking up its business model and leaving retail banking in more than a dozen markets.
Citi growth 25% despite India exit
Even after exiting retail banking in India, Citi's balance sheet grew by 25% and revenues jumped 30%. That shows how important India is to the bank, and how well it adapts.
Plus, AI is now a big part of Citi's operations in India, making tech development and banking smoother.
Cantu also pointed out that shifting global supply chains are opening up new trade opportunities for emerging economies like India.