Citigroup to cut 900 jobs

US bank Citigroup is planning to cut 900 jobs in its securities and banking division, its business hit by global economic turmoil, a source close to the situation Wednesday. The source, confirming a Wall Street Journal report, said the cuts represent five percent of the division's worldwide staff. In total, Citigroup may slash up to 3,000 jobs, or one percent of its staff, but has not yet made the decision, the source told AFP. "There is no timing set -- some have been done, some have not... it simply has not all been decided yet," the source said. A spokeswoman for Citigroup declined to comment on the information but said: "As part of our ongoing efforts to control expenses, we are making targeted headcount reductions in certain businesses and functions across Citi." The Wall Street Journal cited unnamed sources as saying that the larger cut had not yet been finalized and could change. New York-based Citigroup last month posted a third-quarter net profit of $3.8 billion, up 74 percent from the year-ago period, mainly due to an accounting factor. But revenues from securities and investment banking fell 12 percent. The global bank attributed the decline to a "challenging macro-environment" that "negatively affected investor sentiment, client activity and trading."