Citigroup has announced plans to cut 4,500 jobs around the world in order to reduce its costs.

IT jobs have not been ruled out, as the bank has declined to provide a breakdown of the types and locations of roles that may be affected.

Citigroup's chief executive Vikram Pandit said that it expects the cuts to cost $400 million (£250 million), which will impact the company's Q4 results.

Pandit told the Goldman Sachs Financial Services Conference in New York that Citigroup had so far saved more than $1.4 billion this year.

He said that the cuts are due to an "extremely challenging operating environment".

The job cuts are equal to 1.7 percent of the company's global workforce as of 30 September, which was around 267,000.

The bank said in September that it would only hire people for 'critical' jobs in an effort to control its costs.

Thousands of jobs have been lost at banking groups this year, including at Credit Suisse, UBS and Lloyds Bank.