Citigroup is reportedly set to stop hiring new staff for the next 18 months. The move comes ahead of the results of a review into the bank's structure being undertaken by chief operating officer Robert Druskin.

Manuel Medina-Mora, Citigroup's Latin America chairman and a member of the management committee, told Bloomberg that the bank would not replace any staff that left in the next year-and-a-half, and it would not make any new hires.