Citigroup Inc has cut 200 to 300 jobs, or about 2 percent of its global markets workforce, The Wall Street Journal reported citing a person familiar with the matter.

The bank is tightly managing expenses and "making targeted head count reductions in light of current market conditions," the Journal quoted a company spokeswoman.

Steve Prince, the younger brother of former Citigroup Chief Executive Charles Prince, was among those who lost their job, the report said.

Current CEO Mike Corbat will talk to investors on Monday after the bank reports its first-quarter earnings.

The U.S. Federal Reserve said on March 26 that it had rejected Citigroup's request to boost its dividend and buy back more shares.

The news was a stinging blow to Corbat, who was charged with improving the bank's relationship with regulators in October 2012, when he was named CEO.