Um, hate to rub it in, but to you naysayers about that earlier post on strategy consulting, it may be time to eat your words. Comb through the coverage on the Citigroup job cuts and the message is pretty loud and clear. “High value” work (i.e. investment banking) is (that’s is, as in right now) being outsourced to India, and if that’s not safe, I think you can say the same about consulting.

“Citigroup, like other global banks, has been expanding its outsourcing in India beyond consumer services like bill payment, to include highly skilled areas like research, investment banking and credit analysis of non-Indian companies and deal … Citigroup has over 600 such employees in India, and it is growing that number gradually.” (NYT)

Both the NYTimes and the WSJ confirmed that the investment bank is one area where personnel could be cut.

“The corporate and investment banking businesses may be hard hit, with several thousand jobs lost, they say.” (NYT)

“Beyond attrition, Mr. Prince has pointed to excessive layers of management, specifically within Citigroup’s investment bank, as a target of possible cuts.” (WSJ)

Ironically enough, those of you who may be axed can thank a bunch of consultants. According to the WSJ, Citi has hired Mercer Oliver Wyman for the job. In the meantime, don’t get too worked up about cost-cutting at the firm. CEO Prince told analysts last year that Citi is not looking for COO Druskin to “squeeze the rock in terms of magazine subscriptions or black cars.”

Used Car Loan get the best