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Citigroup Inc., the largest U.S. bank, plans to hire hundreds of employees in Japan this year to sell investment products to affluent customers, even as it cuts jobs globally after a record loss in the latest quarter, the head of the firm’s local retail banking unit said.

Citigroup, planning to increase the number of branches in Japan to 50 from 31 now, wants to sell more financial products to individuals with ¥10 million or more in savings through its Citigold program, he said.

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