New CEO Michael Corbat will cut 11,000 jobs, largely in Citi's global consumer banking division. The plan suggests Citi is hedging its strategy of being an omnipresent, upper-tier player in emerging markets.

A breakdown of M&A announcements in the financial services industry for the week ended Dec. 1.

The Stamford, Conn. financial services consultancy said it is acquiring Javelin for its work in mobile and multichannel banking, payments, security and fraud, among other expertise.

U.S. Bancorp will raise reserves for bad mortgages in response to a directive from Freddie Mac, CEO Richard Davis said. He also foresees a "difficult" next year in banking, and is cautious on M&A.

Alliance Bankshares' sale to WashingtonFirst Bankshares has been approved by regulators and endorsed by proxy advisory firms, but now comes the hard part: reaching its far-flung investor base.

Wells Fargo is still evaluating potential acquisitions, but the opportunities presented by the Euro crisis may no longer be available, according to the company's CEO.

The $630 million-asset company has agreed to buy Potomac Mortgage Group in northern Virginia for $19 million in cash and stock.

Heritage Oaks Bancorp (HEOP) in Paso Robles, Calif., has appointed a longtime financial manager as its chief financial officer.

The city of Cheyenne, Wyo. is considering writing off nearly one-quarter of a million dollars in uncollected accounts, some of it dating to the 1990s.

The $6 billion-asset company based in Indiana, Pa., said Monday it has appointed Jon Gorney as a director.

Bankers had long paid Equifax and the credit-services unit of Computer Sciences for the same credit reports. Now that they are poised to merge, banks could push for lower fees, experts say.

An online-bank board's appointment of John Keach Jr., a community banker who had to sell his bank this year, provides a ray of hope for industry veterans.

Citigroup has managed to train the chief executives of a number of leading banking and card network execs over the years, despite its well-documented troubles.

UnionBanCal in in San Francisco has completed its $1.5 billion purchase of Pacific Capital Bancorp (PCBC) in Santa Barbara, Calif. The deal, which the companies announced in March and closed Saturday, merged the $5.9 billion Santa Barbara Bank & Trust into the $88.2 billion Union Bank, which is wholly owned by Bank of Tokyo Mitsubishi UFJ Financial Group Inc.

The acquisition will add more than 1,500 mortgage risk specialists to service provider MphasiS and help the company provide more intense mortgage risk analysis.

Nicolet National Bank in Green Bay, Wis., is buying Mid-Wisconsin Bank of Medford in a deal that would combine one of the state's oldest banks with one of its newest.

Equifax (EFX) has agreed to buy the credit services business of Computer Sciences (CSC) for $1 billion in cash.

Equifax will pay $1 billion in cash to buy the credit services business of Computer Sciences (CSC).

The $755 million-asset New Mexico Banquest announced Friday it would be acquired by Strategic Growth Bancorp, an El Paso company founded by father-and-son team Bill and Pablo Sanders.