Citigroup, which won a U.S. government bailout this week, has cut its Singapore-based prime brokerage staff by one-third.

Of course, at Citi’s nascent city-state prime brokerage, that amounts to just one lost job: that of Alexis Fosler, who headed the group. As part of its survival plan, the New York firm plans to cut as many as 52,000 jobs.

According to FinanceAsia, the hedge funds recruited by Fosler had not grown as quickly as Citi had hoped. Just one became a million-dollar earner.

The Singapore prime brokerage was set up more than a year ago.

Earlier this month, Morgan Stanley—which is also planning huge job cuts—lost the head of its Asia prime brokerage business.