Citigroup to cut 1,400 jobs worldwide

Citigroup, the Wall Street bank, is to spend £143m cutting 1,400 jobs from its corporate and investment banking division in the first quarter of the year.

Some of the cuts are expected to fall in the City of London, where the bank has a large presence.

It had said that it intended to cut 1,000 jobs from its investment banking division, which employs about 48,000 staff worldwide.

However, Citigroup is under pressure to reduce its costs, which have been rising at a much faster rate than its earnings.

The job cuts were spelled out in a filing made to the US Securities and Exchange Commission to accompany the bank’s first quarter figures.

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