Job Cuts at Citigroup

Citigroup will eliminate about 17,000 jobs as part of a companywide restructuring to reduce costs and improve profit. Overall, the cuts amount to about 5% of the bank's 327,000-strong work force. Citigroup said its plans include "shrinking the size of corporate centers," several of which are in New York. It also expects to move some 9,500 jobs to lower-cost locations. Still, the elimination of the jobs won't reduce the bank's work force, but merely slow its growth, Citi executives said.