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News Summary: Citigroup to cut 11,000 jobs

The Associated Press

PINK SLIPS: Citigroup said Wednesday that it will cut 11,000 jobs, about 4 percent of its workforce. The bulk of the cuts will come from consumer banking, which handles everyday functions like branches and checking accounts.

UNDER NEW MANAGEMENT: It's the first big move under Michael Corbat, who became CEO in October after Vikram Pandit unexpectedly resigned.

A FAMILIAR STORY: Citigroup had been cutting jobs and slashing business units under Pandit as well. It was trying to slim down after years of empire building made it unwieldy and disorganized.