Citigroup said Wednesday that it would eliminate or reassign more than 26,500 jobs as part of a sweeping overhaul to cut costs and streamline the bank's sprawling global operations. Under intense pressure from investors, the company announced plans to lay off more than 17,000 workers, with the first notices expected to come 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, Tokyo, and New York, where the company's headquarters are based. Two-thirds of those jobs will be lost through attrition, and half will stay in the country or the region.
See "Citigroup laying off 17,000 to cut costs", Eric Dash, International Herald Tribune, April 10, 2007