Citigroup: We're Cutting 11K Jobs

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. (More Citigroup stories.)