Citigroup has unveiled plans to cut 11,000 jobs, or around 4 per cent of its global workforce, in a move aimed at saving around $900 million (£559m) a year.
The US banking giant, which employs 9,400 staff in the UK, said most of jobs will go at its institutional clients group and consumer banking divisions. It declined to give a specific figure for the UK but it is thought hundreds of jobs could be at risk.
It will also cut posts in technology and operations by using more automated processes and moving roles to “lower-cost locations.”
Chief executive Michael Corbat said the group would take a $1 billion hit in its fourth quarter, with a further $100m next year, but the cuts would improve efficiency across the company.
He added: “These actions are logical next steps in Citi’s transformation.”