Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Post ID: @1qtv+1qF8DlSd The Only Svckers who will stay at Citi are those who could Not get promoted or hired at Goldman, JPMC, BofA, Barclays, Morgan Stanley. In some of the Threads on this site a Poster said his former co-worker was in JPMC for 15 years as a VP and could Not get promoted to the next level. He finally got fed up and Lo and Behold ! He got a job in Citi as a Director ! One Bank's (or Employer's) Trash is another Bank's Treasure ! Other posters said they realized after working at Citi that a Citi VP is an AVP or Analyst in real banks JPMC, Goldman, BofA, Morgan, Barclays in terms of the type of work, salaries, bonuses etc.. And a Citi SVP is more like a VP in the real banks. The real bankers/workers are in JPMC, Goldman, BofA, Morgan, Barclays. Citi only has employees with Imposter Syndrome.

Yes. Cheap and Destitute Citi with $4 Billion in expenses and other charges. Citi is the cheapjack, packman masquerading as a "bank". So sad and pathetic. It's the next Lehman Brothers or Credit Suisse.

Citi is Cheap as in Penurious. But also Cheap as in meretricious and tawdry. LOL !

Someone on this Site said that the only way Citi will change is NOT for or because of the VOE results, but when employees voluntarily Quit and leave Citi because the employees will No longer be working for Destitute, Cheap and Dysfunctional Citi. LOL ! So true ! Citi wants employees to Change FOR and Agree With Citi and Citi's Policies, NOT the other way around. So why stay ??? I have one Foot out the door and I'm trying to get the other foot out starting on April Citi Fool's Day ! LOL !

That may be true about grass being greener on the other side, but at least Citi Employees can negotiate higher salaries than they'll ever get staying in destitute and cheap Citi. Several employees left Citi for other Sh!tshow problem banks or other types of financial institutions at 2 to 4 times their base salaries. This could more than make-up for the bonus Citi employees did Not receive as a result of the forced Rating Curve of 65% employees being Downgraded to 3-"Valued Contributor" BULLSHlT !!! If I survive the Layoffs after March 31, I'm definitely set on leaving Citi Sh!th0le ! But I want Citi to pay me WARN money if Citi decides to lay me off cause I want the Citi Dog stock to further decline due to the added expenses of "restructuring"- euphemism for Firing A Lot of A$$ ! ROTFLMFAO!!!!!! 1 hour ago by Anonymous | 3 reactions (+3/-0) Post ID: @1cbj+1qvMZw8c

Yes. Very true.

The OP and other posters on this thread should have just summarized their posts with the following: Because Citi is Destitute, Not Profitable and Dysfunctional, Citi has resorted to 1) Mass Layoffs 2) No or insultingly low Salary increases 3) No or insultingly low Bonuses 4) Very few if any Promotions 5) Downgrading Star 1-Rating or 2-Rating Employees TO 3-Valued Contributor. All of these points and levers are being used by Citi because they're tied to Salary and/or Bonus increases, which goes back to and is due to the vicious cycle of Citi Not being Profitable compared to JPMC, Goldman, BofA, etc.. and Citi being Destitute and Dysfunctional. All of this is in addition to the fact that Citi's benefits (medical, retirement plans, dental, etc.) SVCK compared to BofA, JPMC, etc.. So why stay??? There's NO future in Citi ! Citi is a Destitute, NOT Profitable, Dysfunctional SH!TH0LE !!! There is NO reason whatsoever to remain at Citi. And then you have Jane Fraser and her Sycophants promoting 304 Managing Directors AFTER Citi FIRED 300 the prior week! GENIUS MOVE!!! How exactly does this save money and cut down on expenses???!!! The Citi GENIUSES strike again!!! Lather, Rinse, Repeat the Vicious Cycle of Insanity and Dysfunction!

This is why I stopped telling my Manager during our 1:1 meetings suggestions, recommendations and criticisms about Citi, how and what Citi can do to change and improve. He'll just rationalize and defend Citi as he always does because he's been in the Citi matrix Sh!tH0LE for 15 to 20 years, has been drinking the Citi Koolaid and is addicted to it like Crack. After April Citi Fool's Day, April 1, 2024 I'm quitting anyway. You know what they say in relationships, when one side Stops criticizing, giving suggestions or recommendations, that means they're ready to leave the other side-party. What's the point in wasting more time criticizing Citi to my Manager and on the VOE??? Citi wants Employees to CHANGE FOR Citi, Not the other way around which is the VOE's purpose. Everyone including Employers know that the first Employees to Quit are the ones with Options because they have brains and in-demand skills and knowledge and can get job offers sooner rather than later. This further exacerbates Citi continuing to be a mediocre joke "bank" at best and the Laughing Stock of Wall Street because only the trash Employees will remain at Citi.

Be aware that Citi has an official policy of NOT offering counter-offers when Employees voluntarily quit. When you hand in your letter of resignation, Citi will NOT give you a counter-offer even if you're a Super Duper Star 1-Rating Employee for years. You practically need to be C-Suite to get a counter-offer and even then it's Not guaranteed you'll get one. In other words, when you decide to quit Citi, be aware that you're quitting and leaving Citi right then and there. You will be ordered to return any Citi property to Citi immediately.

I predict that due to the Forced Ratings Curve (about 65% of all Employees) to Downgrade exemplary and hard-working 1 and 2 Employees TO 3-Valued Contributor, there will be a Mass Exodus voluntary Quitting of Employees starting February 2024 and throughout 2024. Of course, the Employees who will be the first to voluntarily Quit Citi are the ones with brains, and in-demand skills and knowledge. It's Citi's loss and continued Brain Drain since Fall2022 further exacerbating Citi's D3ath Spiral into bankruptcy or at least as a shadow doppelganger "bank" of what it once was just like Wells Fargo and HSBC. I will be in that Group in the Mass Exodus. There's NO future in Citi. It's on its way to bankruptcy or getting merged into JPMC, Wells, BofA or Goldman possibly by the end of 2024 if not within 3 to 5 years. Citi does NOT offer or have meaningful Salary increases or Bonuses, There are NO Promotions and more than 65% of Employees who actually deserve 1 and 2 Ratings which is equal to Higher Bonuses, Salaries and Promotions are getting Downgraded TO 3-Valued Contributor. As other posters have explained, Citi's benefits (medical, retirement plans, dental, etc.) SVCK compared to BofA, JPMC, etc.. So Why Stay???!!! Citi is a Destitute, NOT Profitable, Dysfunctional SH!TH0LE !!! There is NO reason whatsoever to remain at Citi.

Post ID: @icc+1q7NsbM0 Very true and incisive comments. And you have the "Human" Resources gatekeepers who regularly illogically reject or do Not even consider resumes that match the job descriptions. Behind every resume is a Human Being with bills, families to feed and expenses. We're Not Numbers or drones. And then HR wonders why they're NOT liked, admired or respected by the general masses and public. The "Human" Resources "job" and function including that of Headhunting/Job Agencies is an easy, subjective, BullSh!t and sinecure job replete with politics and fiefdoms. NO One attends 4 years of college with the goal of finding jobs for other people. Most people who end up "working" in HR could NOT get real jobs.

Losing one’s job is a terrible experience for many. A few may be lucky to land a position right away, for most people it can take months or even years of endless search and disappointments, the mental stress is enormous.

Seeing your savings getting depleted, your payments falling behind and not finding a logical reason why companies won’t even consider you for a position is truly terrifying.

I can totally understand why we see tons of angry, worried, resentful posts out there.

Thanks.

Post ID: @fbjr+1pPk5kwc You will most likely get a COLA cost of living adjustment increase which is only 2 to 4% of base salary. If you get a "Bonus" at all in addition to the COLA, it will be insultingly minuscule and consider it a miracle. When this happens it's time to actively search for a new job outside of the Citi Titanic. This is what I'm doing. Citi is a sinking ship, just like HSBC, Wells Fargo, Silicon Valley Bank, Signature Bank and First Republic Bank. Citi will be merged with JPMorgan Chase, Goldman, BofA or Wells Fargo in 3 to 5 years.

So if I get a 3 rating do I get a raise? I got a 3 and was told I did a good job so I don’t get the rating. I’m new and I just want to know if that means at least a COL increase bc otherwise I’m going to start looking elsewhere. I really dislike the place and have grown depressed working here.

Post ID: @1cla+1q2q9y4M and Post ID: @uwh+1q2q9y4M . The same here. As you posted, I'm Not the only FTE who's been F-cked Over in Risk "Management". If I survive the Layoffs after 1Q2024 which is when Citi is supposedly going to be done with Layoffs, on April 1, 2024 April Fool's Day which is fitting for the Laughing Stock of Wall Street Joke "bank" Citi, I'm waving "So Long Svckers" to the Citi Titanic as many here have already posted. I'm Not quitting voluntarily. I want Citi to pay me WARN money so that it hits Citi's Stock Price and further beat it down. De@th By a Thousand Cuts. Rome was Not built in one day, and Rome was Not destroyed in one day. Just like other employees, I'm doing Quite Quitting, doing as little work as possible until April 1, 2024, keeping my ideas, solutions and industry knowledge to myself. When employees do this, it further exacerbates Citi's mediocre and below average performance compared to Citi's G0d's that Citi worships and admires, JPMorgan Chase, BofA, Morgan and Goldman. Shareholders and Employees are tired and already gave up on Citi. Citi should just wave the White Flag, surrender and give up! It's the next Silicon Valley Bank, HSBC, Signature Bank and First Republic Bank anyway.

Bonus is very low and payrise is only 2-3% for high performers in tier 1 or 2 of the band.

I wonder if Citi is able to pay huge severance in Q1 2024?

So true and exactly accurate, to the point.

Bonuses will either be zero or the same as last year, with only a COLA, cost of living increase lilliputian percentage of your base salary. Citi is NOT profitable compared to its competitors-G0ds whom it admires and worships, JPMorgan Chase, Goldman, BofA, and Morgan Stanley, and so, Citi needs to find excuses why NOT to pay employees a meaningful base salary, bonuses and promotions. Doling out promotions means increasing base salaries, and NOT downgrading 1 and 2 Ratings TO 3's-Valued Contributor means paying employees more in base salary and bonuses. Again, Citi's root cause problem is Citi is NOT being profitable, NOT doing a hard sell of its products and services. This does NOT mean Citi should resort to illegal activities just like Wells Fargo's fake accounts scandal, but Citi must sell its products and services as well as Citi's G0d's JPMC, Goldman, BofA and Morgan Stanley. This is Economics 101 which Citi FAILED miserably for decades. Citi's Rating/Grade would be F = 4-Does NOT Meet Expectations. Any excuses that Citi failed because of DEI, ESG or being woke is Swiss Cheese reasoning riddled with holes. JPMC, Goldman, BofA and Morgan Stanley also promote DEI and ESG. But their defining differentiation from Citi is that they're profitable because they sell their products and services well and successfully.

To Poster @9mar+1pPk5kwc. That's the point of Not clicking "No" or "Yes" on the invite. Let them keep guessing as to why certain people are Not replying at all. I hope NO one shows up to their BullSHi+ Holiday Parties. This will send a loud message. I absolutely refuse and will NOT participate in any Holiday Parties, "team" events/outings even at sports venues, lunches, dinners, pot lucks, other BullSh!t. I do Not care if the event includes meeting G0d himself. Citi thinks it's doing employees a Big Fvcken Favor by having these events when Citi is Laying off at least 15% of its employees, NOT promoting employees or promoting fewer employees compared to last year and previous years, downgrading employee Ratings from 1's and 2's TO 3-Valued Contributor or worse, 4-Does Not Meet Expectations, etc. ALL Because the Root Cause is Citi is NOT profitable and Can NOT afford to pay employees Real Salaries, Bonuses and Promotions compared to competitors JPMC, Goldman, BofA and Morgan Stanley!!! In 3 to 5 years Citi will be merged into JPMC or Wells. Citi is both Schlimiel and Schlimazel the Joke "bank" that mistakenly wire transferred US$900 Million Free Money to Revlon's creditors. LOL! The Judge in the case approved Only half of that be returned to Citi. So Revlon's creditors got $450 Million Free Money. And then Citi Still thinks it does Not have mediocre or below average employees including HR when TEN Citi Geniuses looked at the Wire Transfer FORM BEFORE the Free Money was wired out??!! That's because anyone with brains, skills and knowledge quit the CitiSh!t H0le for for greener pastures! LOL!

@9mar+1pPk5kwc Childish. Not hard to click NO on the invite.

With all the Layoffs going on and Ratings downgrading to 3-Vslued Contributor from 2's and 1's some Departments have the audacity, arrogance and obliviousness to Still have Holiday Parties and expect Employees to show up! I absolutely refuse to participate and let the Department Head/MD think he's doing employees a Fvcken Favor ! Their admins have been sending email reminders to employees who have Not responded yes or no to the meeting invites! Remember, No response is also a response.

The MDs and Ds have been giving their directs pep talks about how getting 3-Ratings Meets Expectations/Valued Contributor is actually a good thing because we're "valued contributors". Yeah right. NO One is buying the BullSHi+. That BullSh!t is so Hot and piled so High, it's taller than Mount Mauna Kea in Hawaii (world's highest mountain) and spews More BullSH!t than the world's worst volcano, Mount Tambora in Indonesia (caused 92,000 De@ths)! It's a laughable tragicomedy black comedy that MDs and Ds are actually spewing this Sh!t ! Employees know that 1 and 2 Ratings get better bonuses, salary increases and promotion prospects. So their song and dance about how getting 3-Ratings are excellent and wonderful is as truthful and real as Pyrite being real Gold! Employees will actually say, yeah it's ok that my Rating is downgraded to 3-Valued Contributor from 2's or 1's because Citi is Not profitable and can Not afford to dole out better bonuses, salary increases and promotions to more people. Said NO One EVER!!! We'll also say, it's ok that the 2 and 1 Employees can buy and afford better houses, cars, retirements plans, vacations, etc. Said NO One EVER !!! Citi is hoping Employees will smoke their Citi Cr@ck and believe their BullSH!T LIES ! NOT !!!

Same here. But I'm Not quitting voluntarily. I want Citi to pay me WARN money and severance so that Citi gets hit where it hurts, its stock price. If I survive the Layoffs by the end of 1Q2024 on April 1, 2024, I'll be actively searching for a new job and quitting Citi for greener pastures (higher base salary, better benefits, bonuses, promotions) because based on the YE Evaluations and Compensation meetings, there's a mandate to push 2's and even 1's to 3's-Meets Expectations/Valued Contributor. Citi's Dvmb A$$ Brainde@d, myopic stance and "Human" Resources policies have been causing a brain drain since at least January 2023 with mediocre trash and below average employees the Only employees remaining in Citi who can Not get hired (or promoted) at profitable competitors JPMC, Goldman, BofA and Morgan Stanley. Citi's Ratings/gradings and compensation policies are causing a vicious cycle De@th spiral into bankruptcy. Come April 2024, So Long Citi Svckers ! Enjoy De@d Man Walking Citizombie "bank" as Citizombie joins the Club with First Republic Bank, Silicon Valley Bank, HSBC and Wells. The Club of Extinction. LOL ! On a side note, Billy Crystal should make a sequel movie to Citi Slickers called Citi Svckers ! LOL !

I'm hearing talk about more work but of course NOTHING about raises $$ or additional compensation. I really don't think they will do anything beyond a small cost of living raise and bonuses will be very little if they give any at all. Bora bora at its finest. Smh.

Unfortunately, I am not motivated at all anymore. All this has dragged on too long. No, I'm not going to leave and give them the easy way out. All the 'transformation' changes, canceled meetings, trying to talk to multiple people to get work done, and project delays are exhausting. My managers keep saying working at max capacity and focus on the present. It all looks like they have no idea what they are doing. Of course they don't or we wouldn't be in this situation. Lol.

"Calibration" is always have been a euphemism for downgrading manager assessment ratings

Bonuses will Svck and will be miniscule. It's guaranteed. I just finished a YE Rating/Grading and Compensation meeting. Fewer 1's and 2's. Mostly 3's Meets Expectations/Valued Contributor. Brainde@d and myopic Citi can Not see that this will make employees Not work or try harder and will result in less productive employees. Why bend over backwards and be as productive as the employees thought would generate a 1 or 2 rating, good bonus and/or promotion if that's Only considered a 3-Meets Expectations??? Employees will give up, do quiet quitting, do as little work as possible or just plain quit since no matter how hard they work, they'll Still Only get a 3-Meets Expectations. In other words, why pay $2 for a loaf of bread when you can pay only $1 for the same exact loaf of bread ???

Ye ratings are due on the 4th. Ye end conversations start on the 11th. Management encouraged less 1's and two's. Late trainings after November equals a downgraded rating. Out of a group of say 20 ppl only one person can have a one and three can have a two.

What Post ID @1mdm+1pPk5kwc said about Not downgrading is Not true. There's been a new mandate that Citi wants more 3-Meets Expectations and fewer 1's and 2's. Employees will need to miraculously improve Citi's stock price by 300% and improve Citi's balance sheet to look like JPMorganChase's or Goldman's to get a 1 or 2 rating. In other words, in order to Not get downgraded in performance ratings, employees need to part the Red Sea like Moses, achieve World Peace AND Do All of the Above. So even if you worked and went above and beyond your job description and the job's expectations, you're not getting better than Meets Expectations, valued contributor. And then Citi wonders why it has mediocre employees relative to JPMC, Goldman, BofA and Morgan Stanley.

I am a C15 and have been in multiple calibration sessions this month. I want to call BS on any push to downgrade people.

What a shame that Citibank was working fine for 200 years and now it is being shut down by poor leadership.

Instead of working to grow business, managers are spending time making lists of which workers to fire.

My year end discussion has been scheduled for next Wednesday.
The money reveal will be next year.

If you had even one training module marked overdue it is an automatic 4 rating this year unless you had a legit reason. They were pulling threads just to make sure we had more 4 raters. Reason unknown but looks like an excuse to identify people.

Yes. 3 down to a 4.
They need to meet quotas.
Post from TheLayoff.com

Citi wants us to continue to work and be productive even though we might Not have a job in 1, 2, 3, or 4 months. Citi wants us to innovate, be more efficient and think of ways to be more efficient and productive. Why would employees do that when Citi and the employees know d@mn well that doing so means we would be working ourselves out of a job ???!!! No one is being productive and employees have engaged in quiet quitting with some employees literally stating that they're doing as little work as possible until they're certain Citi will keep them which they will Not know until April 1, 2024 April Fool's Day. So apt for a joke "bank" like Citi.

It explains mad scrumble to finish projects in Dec. They want to make numbers look good for earnings call.

Bulk of cuts should be after Jan call.

Work hard for next month and get cut in mid Jan.

If you are a VP and C13, C14 or C15 and you manage 2 people or less under you after the cuts, you will also be cut next round (Dec). Those people will just report to your boss. Get your resume updated!

What do you mean my ratings will be downgraded ? If someone gets a 3, does that mean they will be downgraded to 4 ?

Compensation process will need to close by next week!
Ratings will be downgraded.