City jobs bank has periodically cut (5)
I believe the answer is:
osaka
'city' is the definition.
(Japanese city)
'jobs bank has periodically cut' is the wordplay.
'periodically cut' means one should take alternating letters (letters removed at regular intervals).
'jobs'+'bank'+'has'='jobsbankhas'
The alternating letters of 'jobsbankhas' are 'OSAKA'.
(Other definitions for osaka that I've seen before include "Large city and port in Japan" , "Japanese city near Kobe" , "Japan's third-largest city" , "Third largest city in Japan" , "Far East city" .)