I know 11,000 people who aren’t too excited about these “transformations.” Citigroup announced that it will absorb a tax charge of $1 billion for the quarter and eliminate about 11,000 jobs. The third-biggest U.S. banks CEO said that the move was a “logical” step in the bank’s “transformation.” The plan of restructuring also includes branch closings:

The latest eliminations amount to about 4.2 percent of Citigroup’s workforce of 262,000 people at the end of September. The largest share of reductions, about 6,200 jobs, will come from the global consumer-banking business, Citigroup said. The lender expects to sell or scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay.

An additional 2,600 jobs will be cut in the operations and technology group and global functions. Citi Holdings, the unit disposing of unwanted assets, will eliminate about 350 positions.

The plan will save about $900 million in 2013, and projected annual savings will exceed $1.1 billion beginning in 2014, the company said. Annual revenue will drop about $300 million, according to the forecast. The $1 billion charge this quarter is before taxes. An additional $100 million of related charges will come in the first half of next year.

Those of you bankers who didn't have your jobs slashed, not to worry about your annual bonus. While it will be cut by 10%, you'll still receive it. What's that, you're crying over the 10%? Oh, good grief!

This latest video released by Moveon.org hits Mitt Romney on his plan to lower taxes for the wealthy, and raise them for everyone else. The guy has to pay for his dancing horse some how.

With a creepy hand that tries to get to your wallet, searching for that $2,000 to pay for those tax breaks for his millionaire and billionaire friends, you'll be watching your back if Romney comes to your town. The message? Tell Mitt Romney: Get your hand out of my pocket!

In today's On the News segment: Scranton, Pennsylvania's mayor cuts police and firefighter pay to minimum wage, record-breaking heat wave can no longer be dismissed as "just summer," corporations continue to gobble the commons from Michigan's public schools to Greece's airports and other state properties, and more.

In screwed news...Republicans want police and firefighters to only make minimum wage and no more. Last week – the Mayor of Scranton slashed the pay of hundreds of city workers, including cops and firefighters, to $7.25 an hour – the lowest hourly wage currently allowed for by law. The Mayor says that his city is broke and, because he's unwilling to raise taxes on business or millionaires, can't afford to pay its workers anymore money. That's the problem in several cities across America, which have seen their revenues dry up during the Bush Great Recession. President Obama offered a clear solution to this problem with his American Jobs Act, which gave emergency federal relief to states to help struggling cities avoid massive layoffs or pay cuts to public worker salaries. Unfortunately, Republicans have blocked the American Jobs Act – so police and firefighters across America are joining Wal-Mart workers in the ranks of the working poor. To add insult to injury, Republicans are also fighting a Democratic effort to raise the minimum wage – which currently has less buying power today than it had in 1968.

Transcript of the full video report at Truthout.