Citi declined to comment on the figure, which provides the strongest indication yet of how deep proposed cuts will run as dealmaking slumps, hit by the Ukraine war, higher interest rates and soaring inflation.

Citi employs around 6,000 people across banking, capital markets and advisory activities globally.

One of the sources said most of the cuts would affect people in director roles, with some managing directors also set to exit.

Citi’s revenues from investment banking dropped by more than a fifth in the third quarter from the previous three months and were down 64% year-on-year.