The union for Australia's finance industry says it is bracing for a round of job cuts in the financial sector after Citigroup announced it would cut 52,000 from its worldwide workforce.
The US banking giant has 2500 staff in Australia, mostly based in Sydney and in Melbourne.
Aspokeswoman from Citigroup's head office in Sydney confirmed Australian workers would be affected by the announcement.
"There will be a small reduction in our workforce," she said.
Finance Sector Union spokesman Rod Masson said the union intended to meet Citigroup representatives as soon as possible to establish just how many people would be affected.
Masson said he was also concerned about other companies operating in Australia's financial sector.
The union had been advised last week that between 3000-3500 were set to go at ANZ bank, he said, but the bank had denied the claim.
"It [ANZ] said it would be something more like between 500 and 1000 jobs," Masson said.
Around 200 jobs have already been lost at AMP.
"We've been meeting with them today. We are seeking to understand where the job [cuts] are coming from, what the reasoning behind shedding those jobs would be," Masson said.
He was also concerned about the recent merger between Westpac and St George bank.
"We are waiting to see the fallout from that," he said.
"Westpac have briefed the market their BT funds management area would shed jobs."
Masson said the federal Government needed to consider the finance industry as the first battleground for its "war on jobs".
