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.   (AP Photo/Nick Ut)
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