Brian brown, the head of Citigroups securities business in India has decided to quit the firm. Brown, who heads the Citigroup Global Markets India Ltd., will leave the firm in a month. His resignation comes at a time when Sanjay Nayar, CEO for Citi's South Asian operations has also decided to leave the U.S. financial giant. While Nayar would be joining private equity firm KKR, Brown has only revealed that he would be joining an Indian company. VC Circle could not independently confirm Brown's decision to leave Citigroup.
Prior to the exits of Nayar and Brown respectively, Citi had asked 37 of its top executives in India to leave followed by the reports that Citi was planning to cut down its workforce in India by about 1000 people.
It is also speculated that other employees from the Equity Sales Department of Citi's stock broking arm in India were also given pink slips.
Other than the 23,000 layoffs made by Citi earlier, Citigroups global CEO Vikram Pandit announced that the Bank would further cut down its work force by more than 50,000 people globally.
Even though the bank has hired around 45 students from the Indian Institutes of Management and other business schools, the existing employees continue to fear layoffs as the bank is expected to further cut down its workforce in India. This is despite CEO Vikram Pundit's reassurance that the impact of the worldwide layoffs that Citigroup is facing would be minimal in India.