Citigroup laying off 17,000 workers

04/11/2007

By Eric Dash
International Herald Tribune
Published: April 11, 2007


NEW YORK: Citigroup announced Wednesday that it would eliminate or reassign more than 26,500 jobs as part of a sweeping overhaul to cut costs and streamline the global bank's sprawling operations.

Under intense pressure from investors, the company announced plans to lay off more than 17,000 workers, with the first pink slips coming this week. About 9,500 jobs will be moved to locations overseas or around the United States where the cost of doing business is lower, from more expensive locations like London, Hong Kong and New York, where the company's headquarters are based.

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