Citigroup to cut 17,000 jobs as part of restructuring and outsourcing plans

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Citigroup to cut 17,000 jobs as part of restructuring and outsourcing plans

In a bid to reduce operating costs by $10 billion over the next three years, Citigroup plans to cut 17,000 staff and middle-management positions. Around 8 percent of the company's total workforce will be affected, including over 9,500 US workers whose jobs will be outsourced to -lower-cost locations- both overseas and within the US. Buffalo, Okinawa, Poland are slated for some of these jobs, but the majority will be offshored to India where Citigroup is recruiting extensively.

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