A handful of staff, mainly relationship managers, have already been notified that they are being let go, other sources say.

Given the woes of the US parent Citigroup, there were also rumours of Citi Singapore starting to tighten credit.

The US banking giant is a major player here in credit cards, car loans and other forms of secured and unsecured credit.

Any major tightening of this sort of credit would have widespread implications for consumers and businesses here.

But when contacted on Thursday, Citi Singapore said that it does not comment on market speculation.

In terms of job losses, The Straits Times has learnt of only a handful of staff, mainly relationship managers at the Asia Pacific unit of Citi Global Wealth Management, who have been officially notified that they have been let go.

Read the full story in Friday's edition of The Straits Times.

Read also:
Citi: Cuts in Asia less deep