Citigroup’s markets and banking unit failed to return to profit in the first quarter and faces a further 1,300 job cuts as a swathe of fresh writedowns drove the US financial services group to a bigger-than-expected loss and the bank said it would reduce total staff by a further 9,000.

Last quarter, the bank said it would cut 4,200 jobs taking the total job cuts in th past year to 15,000.