Citigroup today completed sweeping cuts to its UK trading, research and investment banking businesses as part of plans to make 4,200 staff redundant worldwide.

Sources close to the bank said the majority of the cuts have been made in the bank’s fixed income division , which ran up losses of $10.9bn (€7.5bn) in the fourth quarter following the credit crisis, but the bank has also broadened the cuts to include corporate finance and mergers and acquisitions staff. Citigroup declined to comment.