Citigroup has announced it will cut 4,500 jobs worldwide in the coming quarters.

Citigroup has announced it will cut 4,500 jobs worldwide in the coming quarters.

Chief Executive Vikram Pandit said the bank would record a 400 million US dollars charge in the fourth quarter for severance and other expenses related to the lay-offs.

The cuts are equal to about 2 percent of Citi's workforce. Lay-offs will be made across a wide range of divisions. Citi is just the latest bank to trim staff.

So far this year more than 120,000 jobs have been culled from the sector globally as regulations have imposed tighter industry rules and the economy remains weak.

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