Citigroup Inc to cut 2,000 jobs starting next month

Citigroup Inc intends to axe 2,000 jobs starting next month with chief executive officer Michael Corbat restructuring some of the bank's businesses, Bloomberg reported.

According to the report, a substantial portion of jobs to go would be from the middle or back-office positions.

The reductions are a part of the repositioning announced by Citigroup this month and would take place across the New York-based lender's global footprint.

According to one of the people, employees in the institutional business, which housed the trading and investment-banking operations, would be among those asked to go.