Citigroup cutting 11,000 jobs; sees $1.1B charges, $1.1B annual savings

NEW YORK (MarketWatch)
Citigroup Inc. said on Wednesday that it will cut another 11,000 jobs around the world and take $1.1 billion of pre-tax charges in its latest move to cut expenses
Citi said it expects the moves to cut $1.1 billion of annual expenses by 2014, while reducing revenue by less than $300 million a year
The company said 25% of the charges are expected in the Securities & Banking unit, with another 10% in Transaction Services -- 1,900 jobs will be cut at those units
It said about 35% of the charges, and 6,200 of the job cuts, will come from its Global Consumer Banking business
The rest of the cuts are spread across the company