According to a worldwide message to employees on Wednesday obtained by Reuters, Citigroup (C.N.) officials are evaluating worker rosters to decide by November who will stay in place, be moved, or be let go amid its largest reorganization in decades.

The bank’s chief human resources officer, Sara Wechter, stated in the message that “some roles will change, new roles may be created, and roles that do not fit our new structure will be eliminated.” The announcement of this upcoming layer of change is planned for November.

The corporation will give severance compensation and notice periods when appropriate, and employees whose employment is removed may be qualified to apply for new opportunities. The memo’s contents were not previously disclosed.

Concerning the worldwide message, Citi declined to comment. On Wednesday, Citigroup called a meeting of its managing directors, according to two people who knew the situation. According to one of the persons, executives discussed the steps detailed in Wechter’s memo.

The source claimed that the meeting, which lasted barely 30 minutes, gave bankers 15 minutes’ warning. Additionally, Citigroup declined to comment on the meeting of the managing directors.

After exiting non-core regions and concentrating on profitable sectors, Citi CEO Jane Fraser launched a broad restructure last month to streamline the bank’s organizational structure. Although Fraser’s email to workers did not specify the anticipated number of job losses, it did state that the departures would free up staff members who negotiate deals and earn money to devote more time to clients.

At the time, Fraser stated, “We’ll be saying goodbye to some very talented and hard-working colleagues.” After the second quarter, Citi had 240,000 workers. The second and fourth largest U.S. lenders have headcounts of around 216,000 at Bank of America and 234,000 at Wells Fargo.

Fraser has become more direct with his advice to the personnel. She stated last week in a T.V. interview that “we don’t have room for bystanders, we don’t have room for people who want to stand on the sidelines.”

INTERVIEWS IN THE UK

Following an earlier warning to staff about potential layoffs, the bank is also starting the necessary discussions in the U.K.

“We are updating colleagues on our next steps to align our structure with our strategy, and consulting with the London Consultation Forum about roles currently under review, some of these roles may change, while others will remain largely the same,” the bank said in a statement on Wednesday.

Citi hopes the changes will boost its share price, which has fallen behind peers, and give the CEO greater influence over the company’s operations. Reuters said changes would be made to spare profit-making operations and support sectors with overlapping staff, such as compliance and risk management.

On October 13, Citigroup will release its third-quarter earnings. Net income decreased 36% to $2.92 billion in the second quarter, exceeding expert predictions.