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(Mika Makelainen/iStockphoto)

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Is the global finance sector burning out?

Citigroup’s announcement of 11,000 layoffs Wednesday is only the latest episode in the continuing saga of The Incredible Shrinking Finance Industry, signalling a much smaller role for banks in the U.S. economy.

Global banks have shed more than 160,000 employees since the beginning of 2011 and almost 500,000 since the onset of the financial crisis.