Citigroup (Citi) managers are currently assessing staff rosters to determine who will remain in their positions, be reassigned, or laid off as part of the bank’s major reorganization. In a global memo to staff, Citi’s chief human resources officer mentioned that roles would change, new roles might be created, and some positions that don’t align with the new structure will be eliminated. The reorganization, announced by Citi CEO Jane Fraser last month, aims to simplify the bank’s operations and enable revenue-generating staff to focus on clients. While the expected number of job cuts has not been disclosed, Citi’s workforce currently stands at 240,000 employees globally. The company will offer severance pay and notice periods for eligible employees whose jobs are eliminated. Citi hopes that the reorganization will boost its share price while giving the CEO more control over the bank’s businesses. The bank will release its third-quarter earnings on October 13.