Largest bank to shed 9,000 jobs

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Bank shares recovered earlier falls after US giant Citigroup revealed losses had almost halved to 5.1 billion US dollars (£2.6bn) in the first three months of 2008 - compared to 9.8 billion dollars (£4.9bn) in the previous quarter.

The group continued to suffer - taking a 15.2 billion US dollar (£7.6bn) hit - but the news was received positively by investors braced for worse.

The 9,000 jobs from Citigroup's 370,000-strong global workforce will go over the coming year. A spokesman would not comment on UK cuts, where the group employs 11,000.

In London, bank shares had suffered in early trading after reports that NatWest parent Royal Bank of Scotland RBS was planning to tap shareholders in a multi-billion pound rights issue to strengthen its balance sheet.

RBS dropped more than 3% at one stage, dragging fellow banks lower as fears grew that the move could open the flood gates for other similar moves.

But investors reacted positively to Citigroup's results and to analyst views that UK bank rights issues would clear the air over funding concerns.

RBS shares later recovered to close nearly 5% up, while Alliance & Leicester gained more than 4% on a day when the FTSE 100 Index closed more than 1% higher above the 6000 mark.

RBS has so far failed to scotch reports of plans for a rights issue raising between £5 billion and £12 billion at its annual general meeting next Wednesday.

It has said only that it "notes recent speculation", adding: "RBS confirms that its interim management report covering trading performance and capital will be made next week."