Citigroup wielding axe in London

Citigroup began a round of layoffs among its London-based investment bankers this week, with jobs in advisory, equities and fixed income set to go as the bank readies 4,500 redundancies worldwide.

There are likely to be "several hundred" job cuts across the Europe, Middle East and Africa region, a person familiar with the matter told Reuters, as part of the layoffs outlined by Citi Chief Executive Vikram Pandit on Tuesday. Citi's cuts equates to about 2 percent of its 267,000 workforce. About 10,000 of those staff are in London.