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Citi to Swing Ax

Some 15,000 jobs will be cut, according to news reports.
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Citi (C) - Get Report is planning a cost-cutting drive that will lead to massive job cuts, according to published reports.

The Wall Street Journal

reported Monday that the New York-based bank will slash 15,000 jobs in the first cutback effort overseen by new operating chief Robert Druskin. The

Journal

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, citing people familiar with the matter, said the move would cut employment by 5% and could be accomplished through attrition.

Druskin was brought aboard late last year by CEO Charles Prince in a bid to reverse Citi's soaring expense growth. Investors have also been dissatisfied with the bank's failure to bolster its U.S. retail operations.

The job cuts would be announced by next month's first-quarter earnings release and would cost around $1 billion, the

Journal

reported.