Printed on: December 06, 2012

Citigroup to cut 11,000 jobs worldwide


NEW YORK (AP) -- Citigroup said Wednesday 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. The bulk of them, about 6,200 jobs, will come from Citi's consumer banking unit, which handles functions like branches and checking accounts.

Citi said it will sell or scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay and focus on 150 cities around the world "that have the highest growth potential in consumer banking." The bank, the third-largest in the country by assets, did not say how many jobs it will cut in the United States.