Citigroup overnight announced it will cut another 11,000 jobs, around four per cent of its 262,000 strong global workforce.The bank said in a statement that it was "focusing on the 150 cities that have the highest growth potential in consumer banking" and would "further concentrate its presence in major metropolitan areas".Michael Corbat, the cost-focused Citi executive who took the CEO role from Vikram Pandit just seven weeks ago, said Citi had "identified areas and products where our scale does not provide for meaningful returns."Many of the cuts will be focused in less developed nations as the bank focuses on markets it thinks have higher growth potential. The bank will sell or shrink operations in Pakistan, Paraguay, Romania, Turkey and Uruguay. It will "rationalize branches" in Greece and Spain.But the bank will also close branches in markets including Brazil, Hong Kong, Hungary, Korea and its home market in the US, where 44 branches will shut.About 1900 jobs will come from investment banking and other operations in Citi's institutional clients group. Other cuts will be made in consumer banking, including 2300 obs in technology and operations.The company did not specify what if any cuts would occur in Australia, where just last week it was promoting an expansion of its trade finance operations.Citi expects the cuts will create US$1.1 billion of pre-tax charges in 2012 and 2013, but save it US$900 million in 2013 and around US$1.1 billion a year from 2014.The share market reacted positively to the cuts: by 2.30pm Wednesday New York time, Citi shares were up 6.9 per cent on their previous close.Some analysts see the announcement as Corbat's first move to trim expenses, and expect further cuts. On one count Citi has now cut 113,000 positions since 2007.