Citigroup to cut more than 11,000 jobs
Move will save $1.1 billion a year
Last Updated: 366 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.
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