Citigroup Inc. (C, -0.46%) stock rose 0.2% on Friday morning in premarket trading. This could be the 10th time in 12 days that the stock has gained. Mark A. L. Mason, Citi’s CFO, announced on Wednesday that the company will lay off 1,600 employees in the second quarter. This is part of an overall reduction of 5,000 jobs at the bank. These cuts are in Citi’s Banking and Markets units. Citi stated that the job cuts would increase expenses in the second quarter by up to 400 million dollars compared to the first. According to a report in the Financial Times, the biggest Wall Street banks will be reducing their workforce by up to 11,000 employees this year. This includes the Citi action.