Citigroup to Cut 1100 Jobs

Shares go up on the attempt to reduce costs

Citigroup, the third-biggest U.S. bank, said Wednesday that it plans to cut more than 11,000 jobs in an effort to reduce costs.

In a statement, New York-based Citi (C) says it will take a pretax charge of about $1.1 billion this quarter and expects savings in 2013 to be $900 million.