Citigroup to cut 17,000 jobs, but India headcount set to rise

PTI reports World's largest financial services firm Citigroup Inc today said it will eliminate 17,000 jobs or nearly five per cent of its global workforce, even as it plans to move 9,500 positions to India and other low-cost locations.

The company could move a large chunk of its jobs -- which could be in the range of 5,00-8,000 -- to India, especially for equity research, investment banking and back-office transaction-related activities, sources close to the developeent said. The total number of jobs to be eliminated equal more than half of the total number of positions Citigroup added to its workforce in 2006.More than 9,500 jobs will be moved to lower-cost locations, both domestically and internationally, the company said.

ISB student bags $274,000 job offer

From Hindustan Times:

In a world where any job offer is better than no offer, a graduate of the Indian School of Business in Hyderabad has walked away with a Rs 1.18 crore (over $274,000) annual package at the end of another great year of placements at the campus. The student from the Class of 2007 attracted the highest international cost-to-company annual package of Rs 1.18 crore, while the average global CTC stood at Rs 59.5 lakh, the school's dean M Rammohan Rao said, announcing the results of the placement season.

IBS as some of you may know was founded on December 20, 1999 by a group of Fortune 500 entrepreneurs in collaboration with Andhra Pradesh's state government. Nara Chandrababu Naidu, the then chief Minister of Andhra Pradesh played a key role in establishing the institution. IBS partners include London Business School, Wharton Business School and Kellogg School of Management.

Signs of changing times?