Why some job posts show both NY and London in location at the same time?

Sometimes I found job posts which show both NY and London in location, like this one from Citi: https://citi.wd5.myworkdayjobs.com/en-US/2/job/Ne….

The same happens in other banks as well.

I guess it means it will only hire one either in NY or London and I need to compete with candidates not just in London (for working in London) but also those in NY (for working in NY)? I thought they serve very different markets so I don't see why one can be a substitute of another. And in this case, candidates in NY get better chance since this is where Citi's core business is?

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