Citigroup is expected to announce layoffs and management changes Monday, Reuters reported, citing five people familiar with the situation, without identifying them.
The job cuts could affect thousands of employees, the report says, citing one of the sources.
The changes were part of the bank’s reorganization plan, which was announced by Chief Executive Officer Jane Fraser in September.
According to Reuters, the bank has verbally communicated in meetings the preparations for Monday’s announcements. However, Citigroup declined to comment on the layoffs, Reuters said.
CNBC reported last week that Citi was planning to start notifying employees of the layoffs on Nov. 15 and continue the process through early this week.
The third-largest U.S. bank said on Oct. 13 it will provide an update on organizational changes when it reports its fourth-quarter results in January.
“When completed, we will have a simpler firm that can operate faster, better serve our clients and unlock value for our shareholders,” Fraser said in the latest earnings statement in reference to the changes.
Citigroup’s profit rose 2% in the third quarter to $3.5 billion. JPMorgan, the biggest U.S. bank, increased profit by 35% in the same period to $13.2 billion.