BIZ BUZZ: Pink-slipped Citi bankers | Inquirer Business

BIZ BUZZ: Pink-slipped Citi bankers

/ 02:09 AM December 05, 2023

After the sale of its Philippine retail and consumer banking businesses, it seems that the restructuring of American banking giant Citi in this part of the world isn’t over.

Some senior officials of the foreign bank were recently served a pink slip, banking sources said.

The notice of termination didn’t come as a surprise to many given the global reorganization of the bank. Some may even be glad to retire earlier than expected and enjoy their golden parachute.


And for those who are still keen to stay in the game, they aren’t likely to remain unemployed for long. We hear that other Citi alumni who are now working for other institutions are ready to hire these banking veterans.


Citi declined to issue any comment on the matter. —Doris Dumlao-Abadilla

PH reelected to international maritime council

The Philippines, one of the world’s biggest suppliers of world-class seafarers, secured its respected place in the international maritime industry recently by being reelected to the International Maritime Organization Council (IMO) (Category C) in the 33rd IMO Assembly in London.

The country, led by Transportation Secretary Jaime Bautista and Teodoro Locsin Jr., Philippine Ambassador to the Court of St. James’s (United Kingdom), garnered the fourth highest votes among the 20 countries elected to the Council’s Category C.

The IMO is a United Nations specialized agency that sets global standards for maritime safety, security and environmental performance. The Assembly consisting of all member-states is its highest government body while the Council serves as the executive organ of the IMO.Following a campaign launched by the country’s delegation headed by Bautista and Locsin, the Philippines garnered 136 of the 168 votes cast by member-states in the biennial assembly to remain in the Council for another two years.

It was the highest number of votes cast for the Philippines since the country was elected to the IMO Council in 1989. The Philippines joined the IMO in 1964 and served as President of the 32nd Assembly.

Bautista described the Philippines’ reelection as “a testament to the crucial role the Philippines plays in global shipping and in the international maritime community.”


He expressed gratitude for the support of the Department of Foreign Affairs, the Philippine Embassy in London, the Department of Transportation’s attached agencies like Marina, the Philippine Coast Guard and the Philippine Ports Authority and other private sector representatives.

He said: “We believe our reelection will allow us to continue contributing to the global maritime industry, not just as top provider of top-caliber seafarers but also as advocate of safe and secure shipping operations, geared towards growth, modernization, resiliency and sustainability.” —Tina Arceo-Dumlao INQ

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TAGS: Biz Buzz, Business, Citi

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