Citibank to continue recruitment in India despite slowdown (Lead)

March 5th, 2009 - 7:53 pm ICT by IANS  

Kolkata, March 5 (IANS) US-based financial power house Citibank may be facing one of its worst crises in its home territory. But the bank Thursday said it would continue with its recruitment process in India.
“We will continue with recruitment at the fresh level as we did earlier,” Tashwinder Singh, head of commercial banking (India), Citibank, said here on the sidelines of a conference.

“If you believe that the future is bright in the country then you should be recruiting at fresh level. The pool of talent has to be created,” Singh added.

The bank, on an average, recruits 25-30 people at the fresh level every year, he said, adding: “Placement will also happen in higher level.”

This year Citibank has gone to Indian Institute of Management campuses for hiring, Singh said.

Referring to the impact of the global slowdown on Indian economy, he said “things will start bouncing back” in India after six to nine months.

Talking about the bank’s expansion plans in India, where it now has 29 branches, Singh said: “There is always a list that goes to the RBI (Reserve Bank of India) every year.”

“Citibank is committed to Indian market”, one of the largest credit markets in the world, he added.

The bank, one of the largest financial institutions in the world, received a cash injection of $45 billion from the US government last year to tide over the financial crisis.

Last month there were media reports that the banking giant was in talks with the US government for more state assistance in return for between 25 percent and 40 percent of the firm.

The US government currently holds 8 percent of the Citigroup in so-called preferred shares.

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