AP News

News Summary: Citigroup to cut 11,000 jobs

PINK SLIPS: Citigroup said Wednesday that it will cut 11,000 jobs, about 4 percent of its workforce. The bulk of the cuts will come from consumer banking, which handles everyday functions like branches and checking accounts.

UNDER NEW MANAGEMENT: It's the first big move under Michael Corbat, who became CEO in October after Vikram Pandit unexpectedly resigned.

A FAMILIAR STORY: Citigroup had been cutting jobs and slashing business units under Pandit as well. It was trying to slim down after years of empire building made it unwieldy and disorganized.

Cash Is for Losers
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