Citi Israel: Cutbacks won't affect local activity

Source at Citi Israel Ltd. say that the recently announced cutbacks by Citigroup Inc. (C), including 52,000 layoffs worldwide, will have no effect on local activity. Citi Israel has 140 employees.

Citi Israel is planning a number of measures for implementation over the coming year. The sources said that, despite the difficult year that Citigroup has undergone, its Israeli activity had one of its best ever years.

Citigroup opened its Israeli branch in 2000. Ralph Shaaya has been CEO of Citi Israel for the past two years. It is one of the foreign banks that is a member of the Tel Aviv Stock Exchange (TASE). Despite early hopes that Citigroup would expand its activity in Israel, the bank still has only one branch that provides corporate, investment, and private banking services.

Published by Globes [online], Israel business news - www.globes-online.com - on November 19, 2008