NEW YORK, Nov 20 Reuters Citigroup CEO Jane Fraser announced the company was carrying out its next layer of management changes in a sweeping reorganization, according to a memo to staff on Monday.

The actions we39;re taking to reorganize the firm involve some difficult, consequential decisions, but we believe they are the right steps to align our structure with our strategy, Fraser said in a separate statement.

Specific leadership changes across businesses and functions will be communicated by executives on Monday first to their teams and later posted on an internal site, the memo to employees said.

As part of the reshuffle, the U.S. bank will name one of its most senior bankers in Europe, Nacho GutiérrezOrrantia, new head of banking in the region, according to people familiar with the situation.

In his new role of head of the Europe cluster, the Spanish banker will look after Citis businesses in Europe.

The reorganization could involve thousands of layoffs, according to a source familiar with the situation who was not authorized to speak publicly. In the memo, Fraser said the final announcements related to the overhaul will happen at the beginning of 2024.

Preparations for Monday39;s announcements were communicated verbally in meetings last week, according to another source familiar with the situation. Some staff may be able to apply for other roles at the bank, the source said.

Citi announced plans to cut management layers from 13 to eight as part of its…