Citigroup is reportedly considering the acquisition of a big bank in Germany and is planning to hire up to 10,000 staff in Asia, despite a cost-cutting programme that could see it axe as many as 15,000 jobs globally.

Sue Harnett, chief executive of Citigroup's retail banking operations in Germany, told Reuters that the US bank was "looking for good opportunities in Germany" and is "watching the German market very carefully".