The biggest U.S. financial institution says it will eliminate about 17,000 jobs, or five percent of its workforce, in a drive to cut expenses and boost profits.

Citigroup Chief Executive Charles Prince said Wednesday the restructuring plan will help the company streamline operations and prepare for future growth.

The plan will also eliminate some managers and move thousands of jobs from high-cost areas to smaller locations in the United States or abroad.

Citigroup hopes the plan will save the bank billions of dollars over the next few years.

The giant financial institution is trying to limit operating costs which rose 15 percent last year - more than twice the company's revenue growth.

Some information for this report was provided by AFP, AP and Reuters.