Citigroup to cut more than 11,000 jobs
Move will save $1.1 billion a year
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Posted: 12/05/2012
Last Updated:
166 days ago
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.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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