Citigroup to Cut 11,000 Jobs, Take $1 Billion Charge

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Citigroup to Cut 11,000 Jobs, Take $1 Billion Charge

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.



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