Citigroup is set to reduce the size of its workforce by hundreds of employees across various divisions including the investment banking unit, reported Bloomberg.

The job cut will affect less than 1% of the firm’s total workforce, said the publication citing people privy to the development.

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The bank currently employs 240,000 people.

The move will also impact Citigroup’s operations and technology division as well as mortgage-underwriting unit in the US.

It will be carried out in line with the firm’s usual business practice, added the unnamed people.

Citigroup has not provided any specific guidelines to undertake the cuts, with the divisions taking up the measure as per their own requirements.

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A spokeswoman for the company refused to give any updates on the matter.

Over the recent years, the firm has injected billions to modernise its technology division’s infrastructure.

Citigroup CEO Jane Fraser previously said that such investments would eventually minimise the bank’s dependency on manual labours.

In January this year, Fraser said: “As our investment in transformation and control initiatives mature, we expect to realise efficiency as those programs transition from manually intensive processes to technology-enabled ones.”

In its investment banking arm, the company is hit by a downturn in deals witnessed across the industry.

This led to a 53% fall in revenue from the bank’s business last year.

The latest cuts will not include Citigroup’s remediation team that is currently working on a consent order given by regulators, reported Reuters.

It also comes after the firm reportedly plans to trim its workforce by at least 50 people in the Europe, Middle East and Africa (EMEA).