Citigroup prepares to announce a first wave of layoffs

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Citigroup plans to announce the first major round of layoffs on Monday as part of a broad restructuring that will ultimately result in the elimination of thousands of positions within the bank, according to sources close to the project.

The restructuring, which was internally codenamed Project Bora Bora, was in its early stages, these people said, and is far from complete. Citi, which is conducting a top-down review of its organizational structure, reviewed only about 1 percent of the bank’s positions, or about 2,400 jobs. It’s unclear exactly how many positions will be eliminated in this round.

On Monday, the heads of the various business units are expected to announce to their colleagues who the next management levels will be. People in jobs that have been eliminated will benefit from a transition period during which they can reapply for other roles, before officially leaving the bank.

It would be the first significant job cuts resulting from the restructuring announced by Citi Chief Executive Jane Fraser 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