Having posted a loss in excess of $20bn in the past year, US banking giant Citigroup, has announced plans for up to 52,000 new job cuts on top of 23,000 cuts already made this year. The US Treasury announced recently that it would be providing cash injections worth $125bn to be shared between Citigroup, JP Morgan Chase, Bank of America, Goldman Sachs, Morgan Stanley, Wells Fargo, Bank of New York Mellon, State Street and Merrill Lynch. Although a press statement from Citigroup described its underlying business as remaining strong and revenues have been stable, the firm has already posted four straight quarterly losses and some analysts believe the bank will not make a profit again until 2010.

Commenting on the lay-offs, Citigroup Chairman Sir Win Bischoff (PICTURED) said:  "Certainly [the job cuts] will fall particularly heavily on London and New York." A Citigroup spokesman added that while certain regions and businesses might have higher concentrations of job cuts, they would generally be across the entire company and around the world. In a separate statement, the Board of Directors of Citigroup – responding to a story in the Wall Street Journal in regard to the Chairman’s future – reiterated its full support for the Sir Win, who was appointed last December, saying it looks forward to his continued leadership. In his comments to the Associated Press, Sir Win Bischoff also did not rule out the likelihood that Citi's leaders would go without bonuses this year — a move that would effectively amount to a substantial pay cut for the company's executives. "Watch this space," he said when asked about lost bonuses.