The sales and trading unit of the bank employs about 17,000 people, the Journal said. (link.reuters.com/kyz93t)

A Citigroup spokeswoman declined to comment specifically on the latest round of cuts but said the company had "been making targeted headcount reductions throughout the year in certain businesses and functions across Citi as part of our efforts to control expenses during the current environment", the Journal said.

U.S. banks have resorted to measures like jobs cuts and shutting down of branches amid lower mortgage rates and pressure from government agencies to buy back bad loans made during housing boom of the previous decade before the financial crisis erupted in 2008.

Reuters could not immediately reach Citi for comment.

(Reporting by Neha Dimri in Bangalore; Editing by Muralikumar Anantharaman)

• A Permanent Economic Emergency