IndiaSphere

Citi India Sacks Senior Staff – The troubled banking giant has sacked around 37 officials, which constituted mainly of senior executives. People have been asked to leave from retail, investment bank, treasury and global transaction business. The bank has given a three-monthnotice and a month’s salary for every completed year of service as compensation to these employees. This comes at a time Citi’s India head Sanjay Nayar is leaving to join private equity giant KKR and Citigroup has announced that it will globally cut 50,000 jobs.
Great Offshore Promoter May Dilute Stake – Great Offshore promoter Vijay Sheth is in talks with banks, financial institutions and rival companies to raise funds. Sheth is raising funds to meet margin calls from the  lenders, to who he has also pledged the shares. Some rivalfirms firms as ABG Shipyard, Punj Llyod and Videocon have also ... [Follow Original Article link for full content.]