Citigroup to cut 4,500 jobs worldwide

A Citibank sign
Image caption Citigroup is cutting staff to save money

US banking giant, Citigroup, has said it is to cut 4,500 jobs around the world in an effort to reduce its costs.

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.

They include CitIgroup rivals such as HSBC, Bank of America and UK-based Lloyds.

Speaking at the Financial Services Conference hosted by Goldman Sachs in New York, Mr Pandit said his bank had saved more than $1.4bn so far this year.

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