Citigroup, the third-largest bank in the U.S., is conducting a massive round of layoffs as part of a planned reorganization of its corporate structure, according to a report.

Per CNBC, affected employees started receiving notice on Wednesday and cuts will continue to be announced through early next week.

In September, CEO Jane Fraser announced new division heads, hinted at layoffs and said that “final changes” will be done by next March.

During the first rounds of layoffs, chiefs of staff, managing directors, corporate attorneys and some lower-level employees will be affected. The final cuts could affect 10% of the company’s workforce.

Citigroup has over 240,000 employees worldwide, according to a Johns Hopkins report.

“The case for change is pretty clear: Our people want to succeed and our highest performers get behind this very quickly,” Fraser said in an interview with CNBC last month. “We don’t have room for bystanders. We don’t have room for people who want to stand on the sidelines.”

The company said laid-off workers would be eligible to apply for other jobs.

So far in 2023, roughly 20,000 workers have been laid off at five of the biggest banks on Wall Street — Bank of America, Citi, Goldman Sachs, Morgan Stanley and Wells Fargo — with the exception of JPMorgan, which has made about 15,000 new hires.