Citigroup plans to cut 11,000 jobs, close some branches

(Photo: Shannon Stapleton / Reuters)

Banking giant Citigroup announced Wednesday that it would cut about 11,000 jobs, or about 4 percent of its global work force, and shutter some branches in an attempt to save as much as $1.1 billion a year in costs.

Citigroup’s CEO Vikram Pandit steps down

(Photo: Brendan Mcdermid / Reuters)

In a move that stunned Wall Street, Citigroup’s Vikram Pandit announced Tuesday he has stepped down as CEO of the banking giant and a member of its board.

The move is effective immediately.

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