Citigroup to lay off 10% of its employees

Citigroup Inc (NYSE: C) just announced plans of lowering its global headcount by 10%. Its shares are paring back intraday gains at writing.How many employees will be laid off?Copy link to sectionThe investment bank will lay off about 20,000 of its employees over the “medium term” as part of a sweeping overhaul its chief executive Jane Fraser announced in September. Citi may choose to cut fewer than 20,000 jobs if it eventually decides to use internal resources instead of outsourcing tasks, its executives ad ...