Employees at London and New York branches of Citigroup may find their jobs are under threat in the latest round of job cuts announced by the group.
It is thought that workers in the two cities are most likely to be affected by the announcement that 2,000 jobs at the firm will go by the end of the month, the New York Times reports.
According to Citigroup spokesman Daniel Noonan, the bottom five per cent of the company leaves the firm every year, as the organisation identifies its weakest workers.
"This year, we will have more reductions as we continue to strengthen the business and lower our expense base," he said.
After this latest round of job cuts Citigroup will have slashed ten per cent of its workforce, equivalent to 6,000 employees.
Last week, Bear Stearn, the US investment bank, announced its collapse and it is to be purchased by JP Morgan.
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