Pink Slip Confetti at Citigroup

It seems that Citigroup, the largest financial institution in the U.S., will be cutting 17,000 jobs! Oh goodness. But that's not all the news. They've expressed their interests in "moving an additional 9,500 jobs to lower-cost locations worldwide, with about two-thirds going through attrition." (Reuters)
The New York Times reported that "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 companyÕs headquarters are based."
From a corporate real estate perspective, this will be interesting to watch. And maybe a little bit painful. Those pink slips that are going to be passed out this week---that's gonna hurt.

Citigroup to lay of 17,000 in Overhaul (NYT)
Citigroup to slash 17,000 jobs (Reuters)