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Citigroup to axe more than 11,000 jobs

 

Citigroup says it will eliminate more than 11,000 jobs.

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

The company said on Wednesday that the cuts will result in about $US1 billion ($A958.91 million) 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.