The ax continues to fall on a beleaguered Wall Street.

Citigroup is drawing up plans to eliminate about 3,000 jobs, or 1 percent of its global work force, two people with direct knowledge of the matter said on Wednesday. The bank has already notified some employees who will lose their jobs in the coming months.

While Citigroup has not settled on a final number, job cuts could exceed 3,000, with roughly a third coming from its securities and banking unit, said one person with direct knowledge of the plans who spoke anonymously because the numbers were not final.  Read more