More job cuts announced by Citigroup

Citigroup's London office is likely to be affected in a new round of job cuts by the firm, it has been suggested.

According to The New York Times, sources close to the firm have indicated that the group's offices in London and New York will be subject to the loss of a further 2,000 finance workers.

In total, 10% of Citigroup's workforce will have been slashed after this latest announcement.

Furthermore, it is thought that traders and investment bankers will be most likely to get the chop.

Daniel Noonan, a Citigroup spokesman, remarked that the company usually releases the weakest 5% of workers each year.

He said: 'This year, we will have more reductions as we continue to strengthen the business and lower our expense base.'

Meanwhile, Bloomberg reports that Citigroup has slipped from its position as America's biggest bank and now sits in third place behind the Bank of America and JPMorgan.