Citigroup Cuts Thousands of Jobs

Part of efficiency drive

Citigroup says it is cutting 11,000 jobs worldwide in an efficiency drive, with most of the jobs being lost in its consumer banking division.

The bank said the move, which will see its headcount shrink by 4%, would cost it about $1bn (£621m) in pre-tax charges.

Shares in the bank rose 7% following the announcement.