Another Thousand Jobs Gone at Citigroup

Citigroup announced it was making "limited staff reductions" in its corporate and investment banking division. An estimated 1,000 jobs are expected to be cut worldwide, according to people familiar with the decision.

The division currently has about 48,000 workers. Citigroup employs some 285,000 people worldwide. The bank said it was merging its two main bank holding units into the parent company, consolidating capital markets operations and making other moves that appear aimed at simplifying its structure and increasing accountability.

It takes a lot of work to create 1,000 jobs. Just ask any economic developer these days.

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