Citigroup expected to begin cuts soon

Signage outside a Citibank branch at the Citigroup Center in Los Angeles.
Patrick T. Fallon | Bloomberg | Getty Images

Citigroup is projected to soon begin layoffs of some Wall Street staffers, a source with knowledge of the bank's plans said.

Cuts are expected to impact fixed income and equities trading positions as well as investment bankers, according to the source. The person told CNBC.com that, should the bank's quarterly performance to begin 2016 surprise to the upside, overall head count reductions may be less than what Wall Street expected.

The bank declined to comment when contacted by CNBC.com.

The moves to trim staff are the latest in a series of cuts from Citigroup, which substantially reduced head count in the wake of the global financial crisis.

"We've become a simpler and smaller company," CEO Michael Corbat said on the bank's most recent earnings call. "We've made the tough decisions regarding what businesses couldn't generate the returns our shareholders expect and deserve. ... We're going to continue to be mindful and to make sure that we are scaling and sizing our company to what we think the opportunities are."

The bank has also cut back on its real estate footprint, Corbat said.