Citigroup to lay off, reassign 26,500
NEW YORK, April 11 (UPI) -- Citigroup Inc. said Wednesday it would cut or reassign 26,500 jobs in an overhaul the New York financial-services giant said would save $2.1 billion this year.The company will lay off about 17,000 out of a total 327,000 workers starting this week, Citigroup said. More than 9,500 jobs will be moved to lower-cost U.S.
and overseas locations as back-office, middle-office and corporate functions are consolidated, the company said. A New York executive close to Citigroup told United Press International lower-cost cities under consideration included Buffalo, N.Y.
, and locations in Westchester County, just north of New York, and Long Island City in Queens, N.Y. Two-thirds of those jobs will be lost through attrition, the company said.
The company will also simplify and standardize its "information technology platform" to lower costs and "decrease time to market," it said.
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