Citigroup to shed 15,000 banking jobs

Citigroup, one of the world’s biggest banks, is set to shed up to 15,000 jobs in a bid to improve efficiency and cut costs.

The firm is expected to cut about 5% of its global workforce as part of a restructure and hopes to save $1bn (£510m).

Consumer operations divisions in London, New York and Hong Kong will be the most severely affected by the job cuts, which have not yet been finalised.

Many of the job losses are, however, expected to be made through “natural attrition” as Citigroup loses between 30,000 and 50,000 employees each year on average.

The restructure, part of a cost-cutting review, will be overseen by chief operating officer Robert Druskin.