Citigroup to cut more than 11,000 jobs

Move will save $1.1 billion a year

NEW YORK - Citigroup says it will eliminate more than 11,000 jobs in an effort to cut expenses and improve efficiency.

   The company said Wednesday that the cuts will result in about $1 billion in charges in the fourth quarter and about $100 million in charges during the first half of next year.

   It expects about $900 million in expense savings in 2013 and annual expense savings of more than $1.1 billion starting in 2014.
 

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