HONG KONG: Citigroup’s is planning to lay off around 20 equity researchers in Asia Pacific as part of its global overhaul, a person with direct knowledge of the matter said.

Two researchers in Hong Kong are going to be impacted with the rest of the headcount reduction likely to take place in Japan, Australia and Korea, the person said.

The cuts are going to make a small dent in the Wall Street bank’s regional research workforce where it has several hundred employees based in multiple markets, according to the source. The US bank declined to comment.

Amid its sweeping reorganisation, which is expected to lead to as many as 20,000 jobs being cut over the next two years, three senior executives were leaving Citi’s equity trading division, sources told Reuters on Wednesday.

Citigroup CEO makes sweeping management changes to simplify bank, cut jobs

Meanwhile, Citi’s Head of Asia Pacific Economic Analysis Liu Li-gang and Head of Investment Counsellors for South Asia Rob Hoffman at its Asia wealth division were leaving, Bloomberg reported on Thursday.

Hoffman and Citi declined to comment.

Liu did not immediately respond to messages seeking comment.