Grupo Financiero Banamex SA de CV will lay off about 2,000 employees or 5.5% of its total workforce as part of an ongoing process to simplify its overall structure, El Economista reported, citing sources from the bank.

The Mexican subsidiary of Citigroup Inc. specified that no branch closures or changes to services were included in the streamlining process, and that despite the layoffs, it would continue to generate jobs in the financial system by reportedly hiring about 12,000 new employees per year.

Previous media reports said the bank was supposed to reduce its workforce by about 5% to 6% and replace those laid off with new positions based on technological advances underway in the bank.

The decision comes a month after Mexico-based BBVA Bancomer SA Institución de Banca Múltiple Grupo Financiero BBVA Bancomer dismissed 1,500 employees amid a digital transformation shift pushed by Spanish parent company Banco Bilbao Vizcaya Argentaria SA.

The merger of Grupo Financiero Interacciones SAB de CV with Grupo Financiero Banorte SAB de CV earlier this year also resulted in a cut of more than 300 employees.