Citigroup to cut 52,000 more jobs

US banking giant Citigroup has announced it will cut another 52,000 jobs worldwide in the coming months, in one of the largest culls seen in the escalating downturn.

The bank’s cost-cutting move is expected to be especially concentrated in the US, but the UK, where the group employs 11,000 staff, is also expected to bear a proportion of the losses.