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US hit hard by Citigroup cuts
In a filing to the Securities and Exchange Commission last week, Citigroup announced it would cut 3,500 jobs from offices globally over the next 12 months. A spokesperson for Citigroup in London could not give further details on which businesses would be hardest hit, but said almost two thirds of the cuts would be made in the United States.
The bank spent $278 million in the first half of this year in employee severance fees. Last year’s total was $241 million, when
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