Verified answer

Nope.

Journalists are frequently frustrated by the fact that they are not allowed to write the headlines for their own articles. Instead, news organizations hire headline writers, who don't necisisarily understand the material but go ahead and write a headline with punch. A large part of Citi's 370,000 workforce getting dumped on the street makes a better headline than saying that they're making a budget adjustment.

The headline says "employees", but if you read the article it says "jobs". Difference? If a manager has a budget that allows him ten people, but he has only nine bodies showing up, removing one from the budget and telling him to stop hiring for the vacancy counts as one job eliminated, even though nobody was sent home. This latest move may involve getting rid of some people, but a lot of "job" eliminations come from cancelling new jobs for expansion that haven't been filled yet and by not replacing employees who leave for their own reasons.

Two other personal experiences I've had. (1) Bank One and First Chicago merged. They announce to the press that the merger would promote efficiency and they could operate with 7% less people. A year after the merger, we had 10% more. Companies announce this stuff because Wall Street likes to see news of job cuts and reporters rarely follow up to see if they happened. (2) I worked at a division of Citi when managers were ordered to do 10% staff cuts accross the board. On Monday, the people we said good-bye to on Friday were still there. This manager had hired them all as "consultants", but he had reduced his number of "employees".