Citigroup is to axe 52,000 jobs through redundancies, natural wastage and selling off units.

Citigroup, one the largest US banks, has today (17 November) announced it is to make around 52,000 job cuts, on top of the 23,000 positions already axed this year.

According to the company, the 75,000 cuts represent around 20% of its total global workforce, leaving it with around 300,000 staff “in the near term”.

Job losses will be derived from redundancies, natural wastage and selling off units, Citigroup said.

It is not yet known whether the company’s 12,000 employees at London’s Canary Wharf headquarters will be affected by the move.

The announcement is unlikely to surprise analysts as Citigroup has been heavily affected by the global economic crisis.

It has reported losses for the last four consecutive quarters, amounting to more than $20 billion (£13.6bn) in the past year.

A number of analysts have even predicted the company will not make a profit again until 2010.

The bank, however, remains upbeat and said its capital position is “very strong” whilst “underlying business remains strong and revenues have been stable”.

In addition, it said it expects the job losses to cut its expenses to £50 billion in 2009 – a reduction of 20% from peak levels.

For more information on Citigroup, visit: www.citigroup.com

By Natasha Piscitelli