Citigroup is laying off nearly 50 bankers in the Europe, Middle East and Africa (EMEA) region. These job cuts will have an impact on people in direct roles. 

According to Thomson Reuters, two people close to the matter opened up about the layoffs, while Citi declined to comment on the figure. 

The report also suggested that the silence on the matter provides the strongest indication of how deep proposed cuts will run as dealmaking slumps, hit by the Ukraine war, higher interest rates and soaring inflation.

Another source also revealed that most cuts would affect people in director roles, with some managing directors also set to exit.