Citigroup to 11,000 Employees: Merry Christmas, You're Fired

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The nation's third-biggest bank, Citigroup, announced this morning that it will be a blue Christmas for 11,000 of its employees, who are about to see their jobs go away.

In its announcement, Citigroup said the job cuts were "logical next steps in Citi's transformation."

The bank said about 1,900 jobs will be cut in its institutional clients group, 6,200 more employees will be eliminated from Citi's global consumer banking business, and another 2,600 jobs will disappear from the bank's operations and technology group.

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