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Business

Citigroup to reduce workforce by 11,000

NEW YORK — Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new chief executive Michael Corbat.

The cuts amount to about 4 percent of Citi’s workforce. The bulk of them, about 6,200 jobs, will come from Citi’s consumer banking unit, which handles everyday functions such as branches and checking accounts.

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