Citigroup cutting 11,000 jobs, taking $1 billion in charges

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(Reuters) - Citigroup Inc, which has lagged behind its peers in recovering from the financial crisis, said it is cutting 11,000 jobs worldwide, about 4 percent of its staff, to save as much as $1.1 billion a year in expenses.

The move will initially result in pre-tax charges of $1 billion against fourth-quarter earnings, the bank said on Wednesday.

The cuts are Chief Executive Michael Corbat's first major steps to reorganize the company since he took the reins in October after directors pushed out his predecessor, Vikram Pandit.

http://www.reuters.com/article/2012/12/05/us-citigroup-jobs-idUSBRE8B40NY20121205