UK jobs on the line as Citigroup axes 52,000 jobs

More than 2,000 UK jobs could be on the line as US banking giant Citigroup looks to axe 52,000 jobs.

A 25-page document posted on the bank’s website today shows that it intends to cut its global headcount from 375,000 at the end of last year to just 300,000. The job cuts are detailed on page 17 in a section subtitled Getting Fit – Fast!

Citigroup had already reduced its numbers to 352,000 by September this year, but the next stage threatens to be the most dramatic since the economic crisis began.

The bank employs about 12,000 people in the UK, and unconfirmed reports suggest that as many as one in five of these could lose their jobs.

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