Citigroup to cut more than 11,000 jobs

It plans to shut down 15 branches in Korea and 7 in Hong Kong.

According to usatoday.com, Citibank plans to cut more than 11,000 jobs or about 4% of its global workforce to reduce costs and enhance profitability.

About 6,200 jobs will come from Citi's consumer banking unit.

The report says 15 branches in Korea, 14 in Brazil, seven in Hong Kong and four in Hungary will be cut.

Read the full report here.