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NEW YORK: Citigroup CEO Jane Fraser held a conference call on Thursday with managing directors to discuss the bank’s sweeping overhaul, according to two sources familiar with the situation, as it eliminated more leadership roles this week.

In separate conversations, managers in markets, risk and investment banking were informed they were being let go as part of the reorganization, according to the sources and two others familiar with the process who declined to be identified discussing personnel matters.

Some managers were told their positions would no longer exist as of Feb. 1, two of the four sources said. More details about the layoffs and severance payments will be announced next week, they added.

Citigroup declined to comment.

The bank last week said it would cut 20,000 jobs over the next two years, after a fourth quarter marred by one-off charges that resulted in a $1.8 billion loss.

While Citi has provided periodic updates on the cuts, investors and workers are closely watching the timing and details around the organizational changes.

Fraser’s call on Thursday has not previously been reported. During the call with managing directors, Fraser discussed different topics of the reorganization and addressed the broader plan for 20,000 job cuts over the next two years, according to one of the sources, who was briefed on the call.

US bank Citigroup to cut 20,000 jobs in medium term

Headcount will be cut by 5,000 people in the current reorganization, while another 5,000 employees will be culled from selling businesses, the source cited Fraser as saying.

A further 10,000 staff will be laid off from support functions like technology and operations, the source added.

Citi’s planned cut of roughly 8% of its staff is among the biggest layoffs on Wall Street in recent years.

The overhaul is central to Fraser’s effort to streamline the bank and boost its returns and share price.

The third-largest US bank is also dealing with a 2020 consent order by regulators demanding corrections to several “longstanding deficiencies” in its internal controls.

Citi appointed Jagdish Rao as its regulatory reporting and remediation head, reporting to finance chief Mark Mason and Chief Operating Officer Anand Selvakesari, according to an internal memo, the contents of which were shared with Reuters and confirmed by a Citi spokesperson.

Rao most recently served as chief administrative officer for the personal banking and wealth management business.

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