STAFF at the Singapore unit of Citigroup yesterday expressed relief at the US government's move to bail out the financially troubled bank.
'I meet a lot of the senior staff here and I can tell they are more relieved today,' said one staff member, who asked to remain anonymous, speaking from Citi Singapore's Temasek Avenue office.
Some staff, fretting over news of 52,000 job cuts across Citigroup's worldwide operations announced last Monday, had spent the weekend wondering if they were next on the chopping block.
But news of the bailout - which was quickly relayed by senior management - helped to settle nerves.
'It feels good that there are internal communications daily and the conference calls from New York do help. You don't feel that lost when the management tells you why and what's happening,' said another staff member.
Citi Singapore has gone into overdrive in recent days, taking out full-page newspaper advertisements and writing to reassure both staff and customers here.
The message of reassurance came from Citi Singapore's country head and chief executive, Mr Jonathan Larsen.
On the US government bailout, he said: 'The announcement brings even greater clarity to our overall financial standing and ability to deliver the best service to our customers.
'It will also provide reassurance to our customers with respect to the strength of Citi's global franchise. Throughout these difficult markets...our business is strong and our support for our customers has been unwavering.'
However, even as the US government continues to help stabilise the bank to support the recovery of global financial systems, some employees remain sceptical.
'I hope the US government's move will calm the market,' said another staff member. 'I think my concerns lie more with the company's retrenchment plans than worries about its survival.'
Citi Singapore said it will continue to keep customers updated about the state of the bank.
This article was first published in The Straits Times on 25 November, 2008.
