Citigroup: We're Cutting 11K Jobs

Bank says move will save $900M in 2013

By Newser Editors and Wire Services

Posted Dec 5, 2012 8:48 AM CST

(Newser) – Citigroup says it will eliminate more than 11,000 jobs in an effort to cut expenses and improve efficiency. 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, the company said today. It expects about $900 million in savings in 2013 from the move, and annual savings of more than $1.1 billion starting in 2014.

Citigroup signage is seen at the bank's Los Angeles headquarters Monday, Oct 15,  2012.
Citigroup signage is seen at the bank's Los Angeles headquarters Monday, Oct 15, 2012.   (AP Photo/Nick Ut)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
15%
17%
0%
52%
13%
3%
To report an error on this story, notify our editors.

NEWS FROM OUR PARTNERS
Other Sites We Like:   The Street   |   MSN Living   |   PopSugar Tech   |   RealClear   |   24/7 Wall St.   |   Biography   |   Barstool Sports   |   OK!