Article updated: 12/5/2012 4:40 PM

Citigroup to cut 11,000 jobs

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Citigroup's Michael Corbat, who took over as chief executive officer less than two months ago, will cut more than 11,000 jobs and pull back from some emerging markets to drive down costs as revenue dries up at global banks.

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Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat. The cuts amount to about 4 percent of Citi's workforce.