Citigroup will eliminate 11 000 jobs worldwide, about 4% of its total staff, in a move to save as much as $1.1bn a year in expenses, the company said on Wednesday.
The move will initially result in pre-tax charges of $1bn to fourth quarter earnings, the company said in a statement.
It is the first major action to restructure the company since directors named Michael Corbat chief executive officer in October after becoming impatient with former CEO Vikram Pandit.