Who will be axed? This is the big question which is worrying 12,000 UK workers this week as the Wall Street giant goes deep into the crisis. According to the Citigroup’s bankers, at least 1,250 jobs are likely to be cut from Canary Wharf London base, and additional jobs at the Egg credit card business and at subsidiary Schroders.

It is learnt that a very large number of staff has offered to accept voluntary redundancy, fearing that they would lose everything in continuing with Citi if conditions worsened further.

Citi’s share prices fell 20% after losing more than 60% last week. The world’s biggest bank that was worth $250bn in 2006 is now worth just $20bn.

Wall Street analyst Meredith Whitney termed chief executive Vikram Pandit ‘naive’ for his belief that unprecedented share price declines could be shrugged off by the bank. She added that Pandit was wrong. It is not possible for Citi to stay in current form and suggested that the group should break up and reduce size by selling off parts to raise capital. The mess is so big that Stephen Hawking also failed to turn around the company, she remarked.

Citi group’s seniors were trying to boost investors’ confidence amidst mounting speculations that it was heading towards bankruptcy like Lehman Brothers and Bear Stearns.

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