In January, banking giant Citigroup announced 4,200 job cuts. However, the bank had more announcements to make this Friday: it plans to cut an additional 9,000 jobs within the next 12 months. Citigroup�s new chief executive, Vikram S. Pandit, who is attempting to �clean up the mortgage mess,� said, �We are not happy with our financial results this quarter, although they are not completely unexpected given the assets we hold.�

Citigroup’s restructuring plans, the bank has announced, will cost $622 million. 2,000 of the 9,000 job cuts will be in the investment banking unit, while other cuts may happen in the legal and technology sectors.

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