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Citigroup to cut more than 11,000 jobs

Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat. The cuts amount to about 4 percent of Citi's workforce of 262,000.

By Christina Rexrode | Updated on December 05, 2012

NEW YORK (AP) — Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat. The cuts amount to about 4 percent of Citi’s workforce of 262,000.

The bank did not spell out how many of the jobs will be in the United States. Most of them, about 6,200, will come from Citi’s consumer banking unit, which handles everyday functions like branches and checking accounts.

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