Citibank Philippines Next To Slash Headcount

After headlines that Citibank in Japan had laid-off around 50,000 worers to "strategize" their business, now follows news that Citibank Philippines will do the same. Calm down 'cause firing won't reach that much of Japan's; but, still it gives us sign that we are also affected by the US economic crisis and anytime we might lose our job?

An exerpt from BusinessWorld:

Citi Phils. to lay off workers

CITIGROUP’S Philippine unit will not be spared from
the New York-based company’s plan to axe up to 52,000 workers this year as it
struggles to keep afloat.
Citi Philippines, the country’s largest foreign
bank, said it is streamlining its businesses to cut costs and as a result, would
trim the number of its work force.
"We’ve been repositioning our businesses
to be more productive and efficient. As a result, there will be a slight
reduction in overall headcount," Lillibeth Fajardo, Citi country corporate
affairs director, said in a phone interview.
The bank said it has roughly
4,000 employees in the Philippines, about 1% of Citigroup’s more than
300,000-strong work force worldwide at the end of the third quarter.