• NOVEMBER 20, 2008, 5:58 P.M. ET

Citi's India Group Loses CEO, Expects Layoffs

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MUMBAI -- Citigroup Inc.'s sizeable Indian operation lost its chief executive and expects to lay off more than 1,000 employees over the next few months.

Sanjay Nayar, chief executive of Citigroup in India and South Asia, will join Kohlberg Kravis Roberts & Co. early next year, the private equity firm and Citigroup said Thursday.

The vast majority of the company's Indian job cuts will come from CitiFinancial India, its lending arm, where it plans to gradually trim 1,000 workers over the next few months, according to a person familiar with Citigroup's plans.

Citigroup will also cut ...

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