Citigroup to cut 4,500 jobs worldwide

LONDON. December 7. KAZINFORM US banking giant, Citigroup, has said it is to cut 4,500 jobs around the world in an effort to reduce its costs; Kazinform refers to BBC.

The group has put aside $400m (£250m) to pay for the cuts, according to its chief executive Vikram Pandit.

The money will be written down in the company's fourth quarter results.

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; Kazinform cites BBC.

To learn more go to www.bbc.co.uk