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 Bank of America Corp. (NYSE:BAC) and Citigroup Inc. (NYSE:C) continue to swing the hatchet as both troubled banks announce restructurings and layoffs. Less than two weeks after announcing that it would outsource 500 data-processing jobs, Citigroup has more cuts in the pipeline. The bank is looking to sell or even close its private banking business in Italy and plans to lay off about 500 employees -- half of its staff in Italy -- by the end of 2009. Most of the job losses will be in Citi's Italian consumer finance business, which has 65 branches around the country. The move is part of the bank's previously announced global restructuring plans, the Financial Times says (subscription required). Meanwhile, Bank of America is planning to shrink the firm's 6,100-branch network in the U.S. by about 10%. According to The Wall Street Journal, Liam McGee, president of BofA's consumer and small-business bank, said branch closures are in the works but added it would be premature to specify how many locations could be closed. There is no word yet on how this will affect the employees of the various branches. If you're in the job market and willing to go north, it looks like Canada has some opportunities: Alberta Investment Management Co., or AIMCo, the arms-length investment corporation of the Alberta government with a $68 billion portfolio, is looking for about 50 key finance professionals, according to The Calgary Herald. The Alberta Treasury Branch is also on the hunt after hiring 316 people last year, a 7% increase to its workforce. Also, check our job opening pick of the day from The Deal's Career Channel: Managing Director, Principal Transaction at Macquarie Group Ltd. in Jersey City, N.J. For a roundup of all the announced layoffs to date, check out The Deal's Pink slips on Wall Street Dealwatch or any of the links below. Also, feel free to leave us any layoff or hiring rumors you are hearing. - Sara Behunek See also: Finance Layoffs: Hartford Financial and more Finance Layoffs: Unemployment data Finance Layoffs: Harley-Davidson Financial Finance Layoffs: Citigroup to lay off 500 Finance Layoffs: Lloyds and Beverly National Finance Layoffs: GE Capital to lay off 127
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