Citigroup announced Wednesday it's slashing thousands of jobs in an effort to cut costs and improve efficiency.

FOX News Radio's Jeff Monosso reports:

Strangled by new government regulations and nervous investors, Citibank nearly folded, but was saved by taxpayer bailouts. The banking giant now says it's also cutting 11,000 jobs, or 4% of its workforce. Most of the cuts in Citi's worldwide consumer banking unit, which handles branches and checking accounts.

The bank isn't saying how many American jobs will be lost, but that the cuts are necessary, saving the company almost $2 billion over the next two years.

Jeff Monosso, FOX News Radio.

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