Citigroup Inc. (NYSE:C) is set to axe 4,500 jobs over the next few quarters.

The major US bank Citigroup Inc. (NYSE:C) is planning to eliminate around 4,500 jobs in the next few quarters to reduce costs and to adjust to the current unprecedented market conditions.

Citigroup Inc. (NYSE:C) chief executive Vikram Pandit said, “Financial services faces an extremely challenging operating environment with an unprecedented combination of market uncertainty, sustained economic weakness in the developed economies and the most substantial regulatory changes we have seen in our lifetimes. These trends will likely significantly affect the competitive landscape in the coming years”.

Citigroup Inc. (NYSE:C) company shares are currently standing at 29.75.

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