Citigroup cuts more than 11,000 jobs

By WEEK Producer

Citigroup cuts more than 11,000 jobs

December 5, 2012 Updated Dec 5, 2012 at 2:51 PM CDT

NEW YORK -- Banking giant Citigroup announced Wednesday it would be letting go of more than 11,000 employees.

The company says the move comes because of efforts to reduce expenses and become more efficient.

"These actions are logical next steps in Citi's transformation. While we are committed to...our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns," explained Michael Corbat, Citi's CEO in a statement. "And we will further increase our operating efficiency by reducing excess capacity and expenses, whether they center on technology, real estate or simplifying our operations."

Due to this repositioning, Citi expects to record pre-tax charges of approximately $1 billion in the fourth quarter of 2012 and approximately $100 million of related charges in the first half of 2013.

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