Citigroup Cuts Include 6 Percent of New York Staff

Citigroup announces a sweeping overhaul of its operations as it tries to reduce costs under pressure from investors. The financial services giant, which employs more than 325,000 people around the world, is cutting around 16,000 jobs.

Some of those job cuts will likely come from attrition, but some jobs may be shifted overseas to cheaper locations, such as India.

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