Citigroup may cut 15,000 jobs as shareholders demand better performance and a higher stock price.
Chief Executive Charles Prince is under pressure to cut costs, which last year rose 15 per cent, while revenue increased by only 7 per cent.
The proposed cuts would affect 5 per cent of Citigroup's 327,000 strong workforce, according to reports in the Wall Street Journaland New York Times.
Consumer operations would be hardest hit, and the corporate and investment bank could lose several thousand jobs, the Timesreported.
READ MORE
Mr Prince said he had "no comments" on the reports. He said Citigroup will detail results of its review by April 16th, when it reports first-quarter earnings.