NEW YORK (AP) — Citigroup Inc. is considering plans to cut 3,000 or more workers as part of an ongoing effort to control expenses.

That would amount to about 1 percent of the New York-based bank's work force. A person with knowledge of the situation says decisions haven't been finalized, but that the job cuts could exceed 3,000 in the next year or so.

About 900 of the cuts would be in the company's securities and banking division, which serves institutional clients. The rest would be spread throughout various departments.

The person, who isn't authorized to speak publicly about the layoffs, says some employees have already been notified of the cuts.

The possible job cuts were reported earlier by The New York Times and The Wall Street Journal.