Nov 26, 2008
Citi's Securities Head In India Follows Suit; To Quit The Firm Soon | VCCircle
Citi had asked 37 of its top executives in India to leave.
Brian brown, the head of Citigroups securities business in India has decided to quit the firm. Brown, who heads the Citigroup Global Markets India Ltd., will leave the firm in a month. His resignation comes at a time when Sanjay Nayar, CEO for Citi's South Asian operations has also decided to leave the U.S. financial giant. While Nayar would be joining private equity firm KKR, Brown has only revealed that he would be joining an Indian company. VC Circle could not independently confirm Brown's decision to leave Citigroup.
Prior to the exits of Nayar and Brown respectively, Citi had asked 37 of its top executives in India to leave followed by the reports that Citi was planning to cut down its workforce in India by about 1000 people.
It is also speculated that other employees from the Equity Sales Department of Citi's stock broking arm in India were also given pink slips.
via Citi’s Securities Head In India Follows Suit; To Quit The Firm Soon | VCCircle
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Citigroup’s layoffs – part of a plan to cut about 53,000 jobs in coming quarters – represent the latest bad news to drop on the financial sector and the economy. The company also plans to cut expenses by 20%. (Read Citigroup’s
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