Citigroup "will continue to grow our business in China in the most efficient and productive way possible," the bank said today after announcing yesterday that it will slash its global workforce by 53,000.

The China division of Citigroup, Citibank (China) Co, declined to comment further on the New York-based bank's layoff plan.

Citi is among the global banking giants hit by the sub-prime loan crisis. The group has reported losses in four straight quarters.

The bank said yesterday that it would slash its total headcount by 20 percent from its peak of 375,000 at the end of 2007. The company had already said in October that it was eliminating about 22,000 jobs.

Citi started restructuring in the spring to draw itself out of the financial crisis. The bank said earlier it wants to "play a long-term game" in China.

Citi is one of the major overseas banks on the mainland, competing with rivals such as HSBC and Standard Chartered.

Even Chinese banks, which have weathered the global crisis thus far, are cautious on hiring plans due to concerns of an economic slowdown.

A banker with the Shanghai branch of one of the mainland’s big-four lenders said the firm would take a wait-and-see move attitude towards hiring fresh graduates next year.

(Shanghai Daily November 18, 2008)