Citigroup will cut around 1% of its global workforce – or 2,000 people – as the US bank becomes the latest lender to restart job cuts after a prolonged hiatus across the sector during the coronavirus crisis.

The US bank said that it was pushing ahead with a "limited number" of job cuts after putting redundancies on hold throughout the height of the pandemic. Citi added that less than 1% of its 204,000-strong workforce would be affected.