There are nearly 300 jobs that will be cut by Citigroup

Nearly 300 Citi employees in New York are losing their jobs. It comes as the bank continues its reorganization effort to cut costs. The bank is cutting nearly 300 jobs in a bid to reduce costs. Citi has been in the midst of a massive layoff spree in recent years.

Citigroup announces elimination of 20,000 jobs after losses. The reductions will happen 'over the medium-term,' something that should ultimately bring its expenses down by $2-2.5 billion, Citi said. Citi says it will ultimately bring down expenses by about $2 to $2 billion.