Citigroup CEO Jane Fraser has announced a major shake-up of the bank’s management that will result in more job cuts and a simpler structure.

The heads of the bank’s five businesses will now report directly to Ms Fraser, who said the changes will “eliminate unnecessary complexity” and help meet the bank’s medium-term targets.

The bank did not disclose how many jobs will be affected or the financial impact of the reorganisation, but sources said the severance costs will be incurred in the fourth quarter.

Citigroup employs some 2,800 people in Dublin, its pan-European banking hub. Ms Fraser and CFO Mark Mason will discuss the changes with investors at a conference in New York on Wednesday.