Citigroup CEO Jane Fraser announced a sweeping reorganization of the company in a memo to staff on Monday. The reorganization could involve thousands of layoffs across Citi according to a source familiar with the plans. Support staff in compliance, risk management and technology may be particularly impacted. Final announcements related to the reorganization overhaul are expected to be made in early 2024. Citi previously said it reduced 15% of functional roles and eliminated 60 committees in the first two layers of leadership as part of its reorganization plans.