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Citi to cut 10,000 jobs in next 5 years

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Citi to cut 10,000 jobs in next 5 years

Citigroup Inc. plans to reduce its technology and operations staff in the next five years as the banking major looks to replace human workforce with machines, the Financial Times reported, citing Jamie Forese, president of Citi and CEO of the bank's institutional clients group.

Citi has 20,000 operational positions, which account for almost two-fifths of its investment bank employees. This number could potentially be cut to half in the next five years, Forese warned.

The executive, however, said Citi would hire in other areas such as sales and research, the FT reported.