Citigroup, as part of its push to return to profitability, is embarking on another huge round of layoffs and is raising interest rates on millions of credit-card customers.

The moves come as chief executive Vikram Pandit tries to stabilise the financial giant, which has had net losses of more than $20bn (€15.8bn) over the past year. The New York company's share price has skidded into the single digits, ending the week at $9.52 on the New York Stock Exchange.