NEW YORK (AP) – Citigroup says it will eliminate more than 11,000 jobs.

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

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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.

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It expects about $900 million in expense savings in 2013 and annual expense savings of more than $1.1 billion starting in 2014.

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