Washington, Dec 7: Citigroup chief executive Vikram Pandit has announced that the bank would cut 4500 jobs around the world in an effort to reduce its costs.
The US banking giant has put aside 400 million dollars to pay for the cuts, the BBC reports.
According to the report, the money will be written down in the company’s fourth quarter results.
Speaking at the Financial Services Conference hosted by Goldman Sachs in New York, Pandit said his bank had saved over 1.4 billion dollars so far this year.
It is the latest in a string of global banks to announce cuts as the slowdown in the world economy and the European sovereign debt crisis has increased pressure on banks to limit costs.
They include Citygroup rivals such as HSBC, Bank of America and UK-based Lloyds. (ANI)