Citigroup to slash 11,000 jobs

NEW YORK -- Citigroup announced it will cut 11,000 jobs as part of a plan to trim costs, the first major intiative from the bank's new CEO, Michael Corbat.

The bank will also take a $1 billion pre-tax charge during the fourth quarter, and approximately $100 million in related charges during the first half of 2013 as part of the plan, which is expected to save $900 million in 2013 and more than $1.1 billion annually beginning in 2014.

"These actions are logical next steps in Citi's transformation," said Corbat, who took the helm after former CEO Vikram Panditstunned investors when he announced his immediate departure in mid-October. "While we are committed to -- and our strategy continues to leverage -- our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns."

The bank's streamlining plans will impact about 1,900 jobs in the institutional clients group, which includes investment banking and trading, and 6,200 positions in the global consumer banking division, which includes scaling back operations in Pakistan, Paraguay, Romania, Turkey and Uruguay. Citi said it will also close 84 bank branches in Brazil, Hong Kong, Hungary, Korea and the United States. That works out to 2% of its branches worldwide.

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