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The real reason Citigroup cut 11,000 jobs - Fox Business

While some analysts said the workforce reduction was overdue, there is another motive for Citigroup to fire workers just before the holidays. It's a move that the unreformed Ebeneezer Scrooge would like.

Fox Business says Citi will save plenty by not having to pay out end-of-year bonuses because of an in-house rule that it has. Citi wouldn't tell Fox Business how many workers will be fired before they receive bonuses. It plans to take a $1.1 billion charge for the move.

In typical corporate fashion, that rule didn't apply to ex-CEO Vikram Pandit or ex-COO John Havens. Each received a bonus of more than $6 million.

Read the entire story on Fox Business.