Another jolt to Citigroup as South Asia CEO quits

INDIA NOT INSULATED? Ex-Citigroup CEO Sanjay Nayar has admitted the downsizing will have an impact on India.

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New Delhi: Citigroup's woes don't seem to be ending. The latest jolt is that the company's South Asia CEO Sanjay Nayar is quitting. Nayar was with Citigroup for the last 23 years.

He has been tapped by private equity firm Kohlberg Kravis Roberts & Co (KKR) as CEO and country head for their India operations. Mark Robinson will take over from Nayar, whose resignation comes three days after Citigroup decided to cut 52,000 jobs worldwide.

The cuts, announced on November 17, will affect 15 per cent of Citigroup's workforce and come on top of 23,000 jobs eliminated between January and September as souring economies and global credit conditions cause the US bank with the farthest reach worldwide to retrench.

Last week, Citigroup stock fell into the single digits for the first time since Sanford "Sandy" Weill created the bank in 1998 from the merger of Travelers Group Inc and Citicorp.

Nayar has admitted the downsizing will have an impact on India.

"In terms of resizing, we have made it clear that we will reduce from 400 branches to 350. We will close the branches which are not doing well, but there will be no dramatic downsizing. The profile of branches we have made in India is definitely going to help in the long run," Nayar said.