Citigroup announced Wednesday that it will cut 11,000 jobs, reducing its workforce by 4 percent in order to cut costs. About 6,200 of those jobs will be eliminated from the company's consumer banking business. The reductions come after the bank's powerful chairman, Michael O'Neill, engineered the October ouster of former chief executive Vikram Pandit, and named a handpicked successor, Michael Corbat, according to several people close to the bank. Citigroup also said it would take a $1 billion charge in the fourth quarter. In its third quarter, the company recorded a profit of $468 million.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- Russia is stealthily threatening America with nuclear war
- The science of sex: 4 harsh truths about dating and mating
- 13 Urban Outfitters controversies
- 6 things the happiest families all have in common
- What political elites don't understand about Scotland's push for independence
- 43 TV shows to watch in 2014
- Why gay people of color are still losing
- Do you need to be crazy to be the best?
- In defense of family dinner
- Is 'feminism' just another word for 'liberalism'?
Subscribe to the Week