Citigroup executives are putting the finishing touches on a restructuring plan that is likely to involve around 15,000 job cuts and a charge against earnings of more than $1 billion, according to people familiar with the matter, The Wall Street Journal reported.

The review is being spearheaded by chief operating officer Robert Druskin, who is due to report his recommendations internally by the end of the week, the Journal reported.

Citigroup expects to unveil the plan by the time it reports its first-quarter results on April 16, the day before Citigroup's annual meeting, the Journal said.

Chief executive Charles Prince, facing some criticism over costs and a straggling share price, has charged Druskin with finding ways to cut costs. The Journal said Prince has billed the outcome of the review as critical to rejuvenating the world's largest financial-services company.

While the plan isn't final, Druskin is contemplating a roughly 5 percent reduction in Citigroup's worldwide work force of 327,000, according to people familiar with the matter, the Journal said.

A representative from Citigroup was not immediately available for comment.

On Jan 19, Citigroup said fourth-quarter profit rose just 3 per cent, as a 23 per cent increase in costs outpaced a 15 per cent increase in revenue.Reuters