Citigroup to Cut 10,000 Jobs

The job cuts keep coming in the financial services industry.

Beginning this week, Citigroup (C 9.45) will start cutting 10,000 global employees in its investment bank and other divisions, or 2.8% of its 352,000 work force, The Wall Street Journal reported, citing sources.

Citi has already cut 23,000 jobs in the last four quarters, with a goal to bring Citi's work force down to 290,000 by next year, according to one of the Journal's sources.

In an additional effort to return to profitability, Citi plans to raise interest rates on millions of its 54 million credit card customers.

Citigroup has been one of the hardest hit financial firms since the credit market turmoil began, with $68.1 billion in write-downs and credit losses, resulting in its stock price plummeting 80%.

Top Citi executives believe they will be able to turn around the company -- The Wall Street Journal reported that executives bought 1.2 million shares Thursday when the stock fell to $8.27 per share, its lowest level since the 1990s.