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Citigroup job cuts

3:37 PM, Dec 5, 2012   |    comments
Citigroup
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NEW YORK (AP/KSDK) - Citigroup says it will eliminate more than 11,000 jobs.

A spokesperson for Citi told NewsChannel 5 300 jobs will be cut at it's facilities in O'Fallon and Kansas City, Missouri. There are approximately 6,000 employees in the state and the cuts will impact about five-percent in operations and technology.

The bank says it's looking to cut expenses and improve efficiency.

The company said Wednesday that 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.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Associated Press/KSDK

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