The job cuts represent nearly 2% of the group’s total global workforce of 267,000 as at the end of September 2011.
According to the company’s CEO Vikram Pandit, the Job cuts will be completed over the next few quarters.
The company will take a charge of about $400m in the fourth quarter of 2011 tied to the reductions, including severance.
In November 2011, Citigroup planned to lay off 3,000 or more jobs, or 1% of its global work force, as part of an ongoing effort to control expenses.
Citigroup has reported a net income of $3.77bn, up 74%, for the third quarter of 2011, compared to $2.16bn for the same period in 2010.
In November 2011, UBS said it is downsizing its investment bank to 16,000 people by 2016 to reduce its exposure to risk.
In September 2011, Bank of America said it would lay off 30,000 jobs over the next few years.
