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    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.

    The bank is cutting more than 60 of its 550 jobs in Massachusetts. The bank also plans to close nine of 31 branches in the state next March.

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    The branches are located in Charlestown, Swampscott, North Andover, Andover, Sudbury, Marlborough, Hingham, Somerville, and Waltham.

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    Citi said that it will sell or scale back consumer operations in Pakistan, Paraguay, Romania, Turkey, and Uruguay and focus on 150 cities around the world ‘‘that have the highest growth potential in consumer banking.’’

    The bank, the third-largest in the country by assets, did not say how many jobs it will cut in the United States.

    About 1,900 job cuts will come from the institutional clients group, which includes the investment bank.

    The company will also cut jobs in technology and operations by using more automation and moving jobs to ‘‘lower-cost locations.’’

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    Investors appeared to like the move.

    They sent Citi stock up $2.17, or 6.3 percent, to close at $36.46 Wednesday.

    Job cuts are a familiar template in a banking industry still under the long shadow of the 2008 financial crisis.

    Banks are searching for ways to make money as new regulations crimp some of their former revenue streams, such as trading for their own profit or marketing credit cards to college students.

    Customers are still nervous about borrowing money in an uncertain economy. And they are still filing lawsuits over industry practices like risky mortgage lending that helped cause the crisis.

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    Citi fared worse than others. It nearly collapsed, had to take two taxpayer-funded bailout loans, and became the poster child for banks that had grown too big and disorderly.

    After a long stretch of empire-building, it has been shrinking for the past several years, shedding units and trying to find a business model that’s more streamlined and efficient.

    Corbat became chief executive in October after Vikram Pandit unexpectedly stepped down.

    Pandit had reportedly clashed with the board over the company’s strategy and its relationship with the government.

    While the job cuts are among the first major moves by Corbat, they are in line with Pandit’s blueprint. Citi’s roster of 262,000 employees is down from 276,000 at this time in 2009.

    Glenn Schorr, an analyst for the financial services company Nomura, said that the cuts announced Wednesday might be considered too light by analysts and investors.

    But he said they were ‘‘a step in the right direction’’ and noted ‘‘substantial’’ job and cost cuts the company has made over the past seven quarters.

    Bank of America and Morgan Stanley have also shed jobs over that period.