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Citigroup Job Cuts Aimed at Pleasing Shareholders

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Citigroup Job Cuts Aimed at Pleasing Shareholders

Business

Citigroup Job Cuts Aimed at Pleasing Shareholders

Citigroup Job Cuts Aimed at Pleasing Shareholders

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  • <iframe src="https://www.npr.org/player/embed/9514645/9514646" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Citigroup, the world's largest financial services company, says it will eliminate about five percent of its workforce. That's about 17,000 jobs.

It's part of an effort to increase profits and appease shareholders, who have been unhappy about the company's financial performance. Citigroup projects savings of $9 billion over three years from the reorganization.