By Saeed Azhar, Svea Herbst-Bayliss and Tatiana Bautzer

NEW YORK Citigroup employees expect further announcements about management changes and layoffs on Monday in the next phase of the bank’s sweeping reorganization, according to four people familiar with the situation.

Citigroup declined to comment.

The Financial Times reported the news earlier.

Last month, the bank announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. In the two top layers of leadership, Citi reduced 15% of functional roles and eliminated 60 committees, it said in its third quarter earnings presentation.

(Reporting by Saeed Azhar and Svea Herbst-Bayliss and Tatiana Bautzer in New York, additional reporting by Lananh Nguyen, Echo Wang and Isla Binnie; Editing by Lananh Nguyen and Chizu Nomiyama)