Citigroup Announces 11,000 Job Cuts Worldwide
Banking giant Citigroup has announced it will eliminate 11,000 jobs worldwide - some 4% of its workforce - to cut costs.
The move by new CEO Michael Corbat will save $900m (£559m ) in 2013, and more in subsequent years.
Citigroup shares rose 4% on the New York Stock Exchange shortly after the news, to $35.62.
While Citi declined to provide any exact figures, the job cuts in the UK were believed to be in the hundreds. It was unclear how many would be made in the US.
Citi, the world's third-largest bank, employs 262,000 people globally.
The cuts are the latest in a spate of redundancies in the financial sector as it battles to gain ground in a weak economy, and amid increasing regulation and public scepticism.
The majority of the layoffs will come in the company's consumer banking division, which includes bank branches and checking account services.
About 1,900 redundancies were reportedly to hit the bank's "institutional clients" group, which includes investment banking.
Citi also said it planned to scale back operations in countries including Pakistan, Uruguay, Turkey and Romania, while focusing on cities with the highest "growth potential".
Further cuts were said to be coming in technology and operations, and the bank will implement additional automation and move some jobs to "lower-cost locations".
The move will trigger pre-tax charges of around $1bn (£620m) in the fourth quarter of 2012 and $100m (£62m) in the first two quarters of 2013.
Citigroup remains committed to "our unparalleled global network and footprint", Mr Corbat said in a statement.
He added: "We have identified areas and products where our scale does not provide for meaningful returns."
Mr Corbat took the helm in October after former CEO Vikram Pandit stepped down.