Citigroup to reduce workforce by 11,000
Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO 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 like branches and checking accounts. As part of the cuts, the bank is cutting more than 60 of its 550 jobs in Massachusetts.