Citigroup is one of Ireland’s largest employers in the financial service sector and recently announced plans to expand operations here.

A spokesperson for the company told the Irish Examiner that only the global figure was being announced at this stage and it is not yet known how many employees in Dublin would be impacted.

On a pro-rata basis, a 10% reduction could see around 290 roles under threat here. The company expects to incur just under €1bn in expenses tied to redundancy payments.

In September, the company said it was expanding in Dublin to cover mid-sized corporations in the manufacturing, pharmaceutical, life sciences, professional services, and healthcare sectors that are planning to scale internationally.

Citi Commercial Bank has been in the Irish market for five years, primarily offering services to digital and tech companies to date.

The spokesperson said work was continuing to develop a new office at the Waterfront South Central development in Dublin.

The global headcount reduction is part of chief executive Jane Fraser’s plan to turn around the Wall Street giant’s affairs. The company reported a $1.8bn (€1.64bn) loss for the fourth quarter of last year.

“Given how far we are down the path of our simplification and divestitures, 2024 will be a turning point,” said Ms Fraser.