ABOUT 200 to 250 jobs are set to be shed from the Singapore unit of US banking behemoth Citigroup, a source has told The Straits Times. 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.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.

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