More outsourcing……. We keep going the way we are, and there won’t be any jobs in the U.S. Plenty of foreign products to buy, but no money to buy them with.

NEW YORK: Citigroup announced Wednesday that it would eliminate or reassign more than 26,500 jobs as part of a sweeping overhaul to cut costs and streamline the global bank’s sprawling operations.

Under intense pressure from investors, the company announced plans to lay off more than 17,000 workers, with the first pink slips coming this week. About 9,500 jobs will be moved to locations overseas or around the United States where the cost of doing business is lower, from more expensive locations like London, Hong Kong and New York, where the company’s headquarters are based.

Two-thirds of those jobs will be eliminated through attrition.

Roughly 8 percent of Citigroup’s 327,000 workers, from entry-level consumer bankers to senior executives in the investment bank, will be affected by the restructuring. All five of its major business divisions will face cuts.

“Ultimately these changes will streamline Citi and make us leaner, more efficient, and better able to take advantage of high-revenue opportunities,” Charles Prince 3rd, Citigroup’s chairman and chief executive officer, said in a statement.

Read more at The International Herald Tribune