About 66 Citigroup employees in Massachusetts will lose their jobs as part of a worldwide 11,000 workforce reduction announced Wednesday by the financial giant.

The company had announced last month that nine of Citibank’s 31 branches in Massachusetts would be closing next year. Citgroup Spokesman Mark Costiglio said this morning that the 66 layoffs are a result of branch closings in Charlestown, Swampscott, North Andover, Andover, Sudbury, Marlborough, Hingham, Somerville and Waltham.

The 11,000 cuts, which amount to about 4 percent of the bank’s workforce, carry the fingerprints of Citigroup’s Chairman Michael O’Neill. A banking industry veteran, O’Neill, 66, has a history of ruthlessly shedding businesses that are not earning enough money.

Investors were expecting O’Neill to launch a similar plan at Citigroup after he pushed out Vikram Pandit and made Michael Corbat chief executive in October.

Speaking at a conference, Citigroup Chief Financial Officer John Gerspach said the cuts announced on Wednesday are "a fairly comprehensive initial foray" for the new leaders, leaving the door open to more reorganization.

Citigroup has been cutting costs since at least 2007, but investors have complained that expenses are not dropping fast enough. Its quarterly operating expenses are similar to their levels in 2006, but quarterly income is now less than half 2006 levels.

The bank announced 96,500 job cuts from 2007 to 2011, behind only the U.S. government and General Motors for layoff announcements, according to outplacement firm Challenger, Gray & Christmas Inc, which tracks U.S. layoffs.

The cuts announced on Wednesday are expected to bring at least $1.1 billion in annual savings starting in 2014, thanks to both job cuts and broader reorganization efforts. The changes the bank is envisioning will also result in revenue falling by about $300 million annually, and will spur some $1.1 billion of charges through the middle of next year.