Citigroup's 75,000 job cuts to impact on London

The financial firm says the cuts represent a 20% reduction of its staff, which leaves it with 300,000 jobs 'in the near term'. Reductions will come from redundancies, the sale of units and natural wastage, it says. Citigroup chairman Win Bischoff believes the job cuts will fall 'particularly heavily' on London and New York. The bank has lost over $20bn in the past year with some analysts predicting it will not make a profit until 2010. Vikram Pandit, chief executive at the bank, has come under fire from critics who doubt he can steer the firm through the financial storm. Company share...