Citigroup set to announce first big round of lay-offs

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Citigroup plans to announce on Monday the first big round of lay-offs in a sweeping restructuring that will eventually result in thousands of positions being eliminated from the bank, according to sources close to the plans.

The restructuring, which had been internally codenamed Project Bora Bora, was in its early stages, these people said, and is far from over. Citi, which is doing a top down review of its organisational structure, has only reviewed about 1 per cent of the positions at the bank, or about 2,400 jobs. It is not clear how many positions will be cut in this round.

On Monday, the heads of different business units are expected to announce to their staff who the next layers of leadership will be. Individuals in jobs that have been eliminated will be given a transition period in which they are able to reapply for other positions, before officially leaving the bank.

It would be the first significant job cuts to come from the restructuring that Citi chief executive Jane Fraser announced in September. At the time, Fraser said the process would not be completed until the end of the first quarter.

Citi declined to comment.

This is a developing story