Citigroup will trim 11,000 jobs

Citigroup will cut 11,000 jobs, or 4% of its global workforce, to about 250,000 employees in an effort to reduce costs by about $900 million in 2013, officials say. Many of the cuts will be in consumer banking. "[W]e have identified areas and products where our scale does not provide for meaningful returns," CEO Michael Corbat said.

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