Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Lot of things makes no sense here. One of the Director is so inefficient and VOE results are so bad for the past 2 years and few employees escalated this Director behavior to the MD and no action has taken and this Director still has job. I see few people (barely 10 years of experience) are offered Director role and they simply go around and socialize , majority of these folks are on H1B or L1 visa. Some so called leadership doesn’t have meeting etiquette and people skills.

Citi risk employees are below par. Consequence of the low pay and inadequate management. Example - people with business degrees are managing people in quantitative risk. It just does not add up.

To Post ID: @vlq+1qL7BprD I agree: The risk of a major incident is increasing. Huge operational risks and only a few mistakes can bring the bank down in 30 seconds. ERM is truly dysfunctional and Risk Management is entirely a He||Hole. There are MDs and Ds who do Not know, understand or have basic quant modeling methods and skills. They submit reports that hide their mistakes. Big audit fails and another consent order will happen if this continues.

Unfortunately a separate plan being executed by a tired CEO with no ideas.

I am hiring a consultancy to tell me what to do doesn't speak well for someone who is supposed to be guiding the org and delivering on strategy.

If John Dugan (Chairman) doesn't already have Jane's replacement in flight he would be criminally incompetent and I don't think that is the case.

Just need to keep Jane to pull cost ourt irrespective of the consequences+ be around long enough to take the fall on consent order failure.

New CEO incoming.....

Week of Feb 20th is next wave of reorg. Huge uncertainty.

In some post someone mentioned all SVPs titles will be either laid off or merged into VP. Is that true?

https://theticker.org/13139/business/citi-restructures-layoffs/

This is more recent.

@ogh+1qL7BprD This one seems old post dated Nov 6th.

@OP+1qL7BprD
Yes, BCG helped Citi.

Chiefs of staff and chief administrative officers across the bank will be cut this month, sources told CNBC. The firm has reportedly hired Boston Consulting Group to help it carry out the plan.

https://www.bankingdive.com/news/citi-job-cuts-major-units-10-percent-Jane-Fraser-reorganization/698897/

@tol+1qL7BprD

Ok sorry if I’m not following along. BCG is a company hired by the firm to “help” with the restructuring?

Right, an MD doesn’t say “my manager”… a C12 would though.

I call bs. You dont speak like a md.

BCG is Boston Consulting Group.
SVP Role should be eliminated and they should be offered VP role

Dont believe in that. This is pure fake.

Hmmm…. Interesting

"13% SVP cut. 15% O&T"

That's more than 15,000, right?

@cxz+1qL7BprD Why not wait to be laid off instead? You have another job lined up?

No need to cut. if market is good, every one will leave. Already in big Chaos. Upcoming layoff will make it bigger.

No clear thought process. Random hiring and random firing, Politics, Consent order, Old way tagged as "New way", Consultants-Contractors-Vendors rule, No hike, No promotions, No growth for upcoming 2-3 years, Micromanagement.

Even if targetted for 2026, It will take minimum 3-4 years to bring Citi to normal condition . The new normal could be better or worse than current one. Citi might be bought by another firm. All the best for every one who stays. I am waiting on my Severance pay to reach my bank.

You think 13% of SVPs will get axed? That's not so horrible given the headline 20,000 (10%-ish) number, but I'd like to know the % of MDs and DIRs that will get cut for reference. I assume/hope it's roughly the same.

I agree: The risk of a major incident is increasing.