Citigroup to Cut 11,000 Jobs and Take $1 Billion Charge

The New York Times: Citigroup’s announcement that it will slash 11,000 jobs worldwide underscores its major contraction since nearly collapsing during the financial crisis and its continuing battle against high operating costs and persistently sluggish markets. Wall Street has been sloughing off jobs by the thousands since the financial crisis, with major banks announcing reductions of more than 150,000 jobs since the start of 2011, according to Richard Stein, a senior partner in the financial services practice at Caldwell Partners.

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