[ by Melanie Gretchen ]

Citigroup is cutting jobs by approximately 4% ahead of the $1 billion pretax charge it will take in the fourth quarter.  All told, the New York-based firm will cut 11,000 jobs in the wake of Vikram Pandit's ouster at the hands of chairman Michael O'Neill.

Where Citi will cut:

• 1,900 jobs in the institutional clients division
• 6,200 positions in the bank's consumer banking business
• 2,600 jobs in the operations and technology group

"These actions are logical next steps in Citi's transformation.  While we are committed to – and our strategy continues to leverage – our unparalleled global network and footprint, we have identified areas and products where our scale does not provide for meaningful returns." -- Michael Corbat, Citi CEO, replacing Mr. Pandit.

In addition to the pretax charge, the bank will also take $100 million of related charges in the first half of 2013.  In the 3rd quarter, Citi's profit totaled $468 million, or 15¢ a share.  This latest announcement on Wednesday is consistent with what Mr. Corbat told analysts when he first assumed the role of CEO.  Going forward, he intended to continue a strategy at Citigroup of focusing on the bank's core businesses.

For further details, go to [Dealbook, 12/5/12].