The investment bank Citigroup is about to commence a massive layoff process as part of the restructuring led by CEO Jane Fraser.

As reported by CNBC, employees affected by the layoffs will start receiving information this Wednesday, while the termination process is scheduled to continue until early next week.

This plan aligns with the memo issued on September 13, with the next phase planned for the end of November.

The final changes are expected to take place in March 2024.

Citigroup CEO Jane Fraser is under pressure to improve the company, which has seen a decline in stock prices due to the increase in the number of employees and significant expenses over the past few years.

Employees impacted by the layoffs will have the opportunity to transition to other positions, and Citigroup will offer severance packages to those eligible.

As a side note, managers and consultants have held internal meetings to determine who will be laid off.

Based on leaked information, the layoffs are estimated to involve at least 10 percent of the total workforce in the business.