Citigroup to eliminate more than 11,000 jobs as it looks to lower expenses
This Oct. 13, 2011 file photo shows a Citibank branch in New York. (AP Photo/Mark Lennihan, File)
The Associated Press
Published Wednesday, December 5, 2012 11:44AM EST
NEW YORK -- Citigroup says it will eliminate more than 11,000 jobs.
The bank says it's looking to cut expenses and improve efficiency.
The company said Wednesday that the cuts will result in about US$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.