Citigroup, the third-largest bank in the United States, announced Wednesday that it will cut 11,000 jobs worldwide and take a 1-billion dollar pretax charge in the current quarter.
"These actions are logical next steps in Citi's transformation," Citigroup Chief Executive Officer Michael Corbat said in a statement.
The repositioning will cost the bank approximately 1.1 billion dollars. However, it expects the changes to result in 900 million dollars in savings in 2013, and ultimately 1.1 billion dollars in savings annually thereafter.
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