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Citigroup Planning To Cut Thousands Of Jobs

By: WROC-TV

Updated: December 5, 2012

Citigroup is planning to cut 11,000 jobs.

The bank is issuing the cuts for what it calls its repositioning for 2013. It hopes that the cuts will reduce expenses and increase its efficiency. The cuts will affect several of the bank's departments including Institutional Clients Group, Global Consumer Banking, Citi Holdings, Global Functions and Operations and Technology.

Citigroup operates worldwide with 44 branches in the U.S. and branches in Brazil, Hong Kong, Hungary, Korea and Pakistan.

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