Citigroup To Take $1 Billion Charge, Cut 11,000 Jobs

Citigroup has announced its plan to cut 11,000 jobs, or roughly four percent, of its workforce, and take a fourth quarter pretax charge of $1 billion.

The company posted a profit of $468 million in the third quarter, and also plans to pay a $100 million pretax charge in the first half of 2013, reports The New York Times.

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