US lender Citigroup is set to start slashing 403 jobs at its Far West Side offices at 1500 Boltonfield Street in Columbus, Ohio.

The move is part of the bank’s ongoing efforts to enhance its operational efficiency in response to changing business requirements.

The bank has already issued a 60-day notice period for the affected employees, which began April 4, The Columbus Dispatch reported.

The layoffs will be carried out in phases, and are expected to be completed by the middle of 2016.

We are encouraging affected employees to consider open positions within and outside of Citi, and we are helping to facilitate that," the bank reportedly said in a statement.