Wednesday, December 5, 2012

Job cuts by the big guys

"Citigroup Inc. C +4.24% said Wednesday that it will eliminate 11,000 jobs, or about 4% of its workforce, and take a related $1 billion fourth-quarter charge.

The bank has been under increasing pressure to cut costs to lift returns, and Citigroup's new chief executive, Michael Corbat, has said his priority is to make Citi a leaner and more efficient bank."

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