Citigroup announced plans over the coming months to cut significant payroll costs by slashing at least 3,000 positions - 1% of its workforce.  The commercial and investment bank giant, that has made great strides in its recovery, joins its Wall Street counterparts in trimming its balance sheet and tightening its control over spending - a response to volatility in earnings.   Some affected employees have been notified that they will lose their jobs  in the coming months. Who, What, Where? While strategies are not yet set in stone, it's expected that about 1/3 of the cuts will come from its securities and banking unit.  The timing of the layoffs could conceivably continue into and throughout 2012.  As noted above, the move at Citi reflects broader austerity measures across Wall Street - though, for now, Citi's numbers appear lighter than those of some of its competitors.

Goldman Sachs is prepared to cut about 1,000 jobs - or 3% of its work force.  It also could cut up to $1.45 billion in costs - 5% of its budgeted expenses.

Bank of America, perhaps the most embattled of the financial giants, already shed 3,500 jobs in recent months, and that is only a starting point. It's expected to continue suffering under the weight of its troubled mortgage business, and related litigation  and regulatory inquiries.  Ultimately, a broader round of job cuts could result in some 30,000 layoffs.

UBS AG announced earlier this year it would cut 3,500 jobs over the next 2+ years, a move to rein in costs at the struggling Swiss giant bank.

Credit Suisse, too, has plans to cut about 600 jobs across its investment banking operation.

New York City and State are feeling the pain from such cuts, because they depend so heavily on the securities and banking industries.  With 10,000 securities industry workers losing  their jobs through 2012, the city will have lost 32,000 since January 2008, according to an earlier report by the New York state Comptroller.    [Dealbook, 11/16/11]