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Citigroup To Eliminate More Than 11,000 Jobs

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Citigroup's First Quarter Profit Drops 32 Percent

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NEW YORK (AP) — 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 $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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