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.
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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.
