Citigroup said that it expects headcount to reduce by 20,000 people as it pushes through its transformation unveiled in September that aims to simplify its business.

The bank, which slumped to a $1.8bn loss in the fourth quarter as costs related to its radical overhaul and a series of other charges weighed on the bank, revealed the number in a presentation accompanying its results. It said that the cuts would form part of plans to save up to $2.5bn in expenses over the 'medium term', without specifying a timeline.