Citigroup has cut bonuses for its investment banking division by about 30 percent on average, Bloomberg said, citing a person briefed on the matter.

Some businesses within the securities and banking unit had bonuses reduced by as much as 70 percent, Bloomberg reported.

Citigroup was not immediately available for comment.

(Reporting by Abhiram Nandakumar in Bangalore; Editing by Steve Orlofsky)