Los Angeles Business Journal

Citigroup to Cut 11,000 Jobs

Wednesday, December 5, 2012

Citigroup Inc. said that it will eliminate 11,000 jobs – about 4 percent of its work force – and take a related $1 billion fourth-quarter charge. The Wall Street Journal reports that the bank has been under increasing pressure to cut costs to lift returns, and its new chief executive’s priority is to make Citi a leaner and more efficient bank.