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.
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