Citigroup begins massive layoffs as part of corporate overhaul

Citigroup, the third-largest bank in the U.S., is conducting a massive round of layoffs as part of a planned reorganization of its corporate structure, according to a report.

Per CNBC, affected employees started receiving notice on Wednesday and cuts will continue to be announced through early next week.

In September, CEO Jane Fraser announced new division heads, hinted at layoffs and said that “final changes” will be done by next March.

During the first rounds of layoffs, chiefs of staff, managing directors, corporate attorneys and some lower-level employees will be affected. The final cuts could affect 10% of the company’s workforce.