One of the world's largest banks, US multinational Citigroup, has said that it will cut 17,000 jobs, or about 5% of its workforce, in a broad restructuring programme designed to cut costs, boost profit, and bolster a lagging stock price.
The announcement comes after recent press speculation about the level of staff cuts that the restructuring programme would lead to at the company.
A further 9,500 jobs will move to lower cost locations worldwide, which means that 8% of the bank's total workforce of approximately 327,000 will be affected by the restructuring programme.
Shareholders have pressured the bank's management team to cut expenses. Last year operating expenses at Citigroup soared by 15% to $52 billion, while revenue rose just 7%.
