March 25 (Reuters) - Citigroup ( C/PN ) is in the last

phase of a sweeping overhaul to simplify its structure and

improve performance, the bank said, after shrinking its

workforce by 5,000 employees since September.

The largest round of staffing moves, including

reassignments and departures, will be communicated to employees

from Monday to Thursday, CEO Jane Fraser told employees in a

memo seen by Reuters.

"These past months have not been easy," Fraser wrote.

"Far from it. The changes we've made are the biggest that most

of us have experienced at Citi ..., putting us on the front foot

and improving our competitiveness."

Citi declined to comment beyond an earlier

statement

on Monday.

The reorganization, announced in September, reduced

management layers to eight from 13. The latest reshuffle

finalizes Citi's new structure and is part of a broader goal to

trim its global workforce of 239,000 by 20,000 over the next two

years.

Citi eliminated 1,500 managerial roles comprising 13% of

its worldwide leaders, Fraser said as the company released its

fourth-quarter results

in January. The changes would create annual savings of

about $1 billion, she said at the time.

"This meets a major Citi milestone," wrote Wells Fargo

analyst Mike Mayo, who reiterated Citi's stock was his top pick.

"The organization simplification, which took 7 months to

complete, should provide more evidence that Citi can meet its

targets and do so methodically," Mayo wrote in a note earlier

Monday.