US banking giant Citi is set to cut 20,000 jobs - including potentially hundreds in London - in a massive cost-cutting program after racking up huge losses last year.
The banking giant said it would reduce its headcount by about 20,000 - from its current 200,000 to around 180,000 - over the “medium term”. It will spend as much as $1 billion this year paying severance to ex-employees, after severance costs of $1.5 billion last year.
