UPDATE 1-Citi lays off 10 research staff in Asia Pacific as part of global revamp, sources say

Citigroup Inc has laid off at least 10 people in its equities research department in Asia Pacific this week, two sources with knowledge of the matter said, as the bank pushes through the last phase of a sweeping global overhaul. The bank, which has hundreds of employees in its equities research unit in the region, notified the impacted staff earlier this week, said the sources, who declined to be named as they were not authorised to speak to the media. Citi declined to comment beyond a statement the Wall Street bank issued on Monday, which said the bank informed staff it had concluded "major actions" that it announced last September to revamp its structure and improve performance.