Citigroup Layoffs to Affect 1600 in NYC

Citigroup's plan to lay off 17,000 workers will affect 1600 employees here. The corporate giant is New York City's largest private employer.

REPORTER: Mayor Bloomberg says Citigroup Chairman Lou Kaydon called him last night to break the bad news. The mayor says Citigroup's future in New York City is still bright.

BLOOMBERG: They are going ahead and plan to fill the new building they just built or are about to complete in Long Island City. They are growing downtown and they are growing in midtown and long term I think you'll see more Citigroup employees rather than less.

REPORTER: Citigroup also plans to move 9500 jobs to less expensive locations. The company would not say where.