December 5, 2012 /WSJ
Citigroup said it will eliminate more than 11,000 jobs.
The company said 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.
Shares rose more than 3% pre-market.