Citigroup to cut more than 11,000 jobs

Citigroup announced Wednesday that it will slash 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.

"These actions are logical next steps in Citi's transformation," CEO Michael Corbat said in Citis's statement, according to USA Today.

Overall, the company expects about $900 million in expense savings in 2013 and more than $1.1 billion in 2014.

(The Associated Press contributed to this report.