Today in business: 5 things you need to know

Citigroup slashes 11,100 jobs, a gloomy report on Apple weighs down stocks, and more in our roundup of the business stories that are making news and driving opinion

Despite the holiday shopping binge and recent debut of the iPad Mini, Apple is suffering an unexpected decline in its stock price today.
(Image credit: Kevork Djansezian/Getty Images)

1. CITIGROUP TO CUT 11,000 JOBS

Citigroup announced Wednesday that it will cut 11,000 jobs, reducing its workforce by 4 percent as a way 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. [New York Times]

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.