Following 5,000 layoffs, Citigroup is ending a major overhaul this week

After cutting 5,000 jobs since September, Citigroup announced it is concluding a large restructuring to simplify operations and improve results.

Jane Fraser, CEO, will announce major staff changes involving reassignments and departures to employees from Monday to Thursday, as per a memo obtained by reporters.

Fraser stated that it has not been an easy few months. Not at all. The changes they implemented were the most significant many had ever experienced at Citi, strategically positioning them and boosting their competitiveness.

Citi on Monday declined to comment further than its initial statement.

When the restructuring was revealed in September, there were eight instead of thirteen managerial layers. Citi has completed its latest reorganization, finalizing a new organizational structure. This move is part of a broader strategy to reduce its global workforce of 239,000 by 20,000 over the next two years.

Citi reduced 1,500 managerial jobs, which represented 13% of its global leaders, when it reported its fourth-quarter results in January. She claimed at the time that the adjustments would result in yearly savings of almost $1 billion.

Wells Fargo analyst Mike Mayo mentioned that this was an important milestone for Citi and reaffirmed his preference for Citi's stock as his top choice.

Mayo said that the organization's seven-month simplification process should prove that Citi can systematically meet its goals.