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By Doug Cunningham

Citigroup is wiping out or moving to cheap labor markets 26,500 jobs. More than 17,000 workers will be laid off at Citigroup this year. Another 9,500 jobs will be relocated to cheaper labor markets. The company says two-thirds of these jobs will be “attrition” cuts. Citigroup employs a total of 327,000 workers, mainly in new York, London and Tokyo. New York City will lose 1600 Citigroup jobs. This major restructuring will be carried out over the next year or so and was done under pressure from investors.