Citigroup has said it will cut around 300 senior roles, in what is expected to be a series of announcements around its new structure created as part of a sweeping overhaul by chief executive Jane Fraser.

The US bank said it was moving on its "next layer of changes", with any cuts likely to affect those two levels below the C-suite. Bloomberg reported that around 300 employees would be affected and a person familiar with the matter told Financial News the same number. A Citi spokesperson declined to comment on the number of people affected.