Any news on recent layoffs? It’s been quiet
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Healthcare alone increased 3% this year on my plan. I need at at least that much of a raise for healthcare alone. But given the environment, even 3% is going to be a stretch from what I'm hearing internally.
Some of the uneducated and infantile responses on this thread are part of the problem with Citi. Sure Jane has lead us down a path toward the dumpster fire that is citi, and the broad brush stroke to lay off employees was motivated by a stock price jump to validate her own bonus. But talent is talent regardless of age. (There's a reason there are laws against age discrimination). The issue is that layoffs weren't targeted at poor performers. For over a decade now, Citi has let institutional knowledge walk out the door and replaced with contractors and the clueless. The result is where we are today. A patchwork of systems and processes and no one knows how it all ties together. There is so much re-work on mapping systems and lineage that could have been captured while it was being built. All those bad decisions were based on cost benefit. So here we are, data and processes that are a complete mess and we've thrown out the people that could have made some sense of it. Morale is at an all time low and Citi is toxic so trying to get good talent is impossible. What we are left with is the worst of the worst.
Post ID: @4qiv+1uOjlRk5: Why not? You think the old uncles and aunties who started their careers in the 80s and 90s are better choice? They will need nappies soon :D Ridiculous. Can't stop enjoying the free ride and bonuses - how many houses, how many private schools will be enough? Pathetic.
I have a great idea. Let's get rid of everybody over 35 and replace them with a bunch of MBAs who just finished school and already know everything about everything. There is no need to glean any knowledge from the old dinosaurs, because the new kids come in with everything they've learned from our illustrious learning institutions.
Post ID: @2nxk+1uOjlRk5: Sorry, but who steered Citi into the current mess? I thought that were exactly the long-(self)serving staff... What is that nonsense of knowledge of internal systems, tech, etc. That is true, but no one is irreplaceable. And from my experience in the past years since I joined Citi, it is exactly these long-serving managers that are the problem - technical level is really low, managerially incompetent, etc. So replacing them is actually a good thing. If you ask me, they did not cut enough of these dinosaurs. They think that tenure gives you knowledge and experience, but you can spend 20y in a company doing nothing significant and progress. That is the reality and many people at Citi did just that.
There are very selective layoffs going on
More in realigning teams..
Selectively, yes.
Conversation witnessed and no, I’m not going to give the who or where. Think what you want, don’t really care.
Management realized that the Bora Bora was not handled well. Too many of the wrong people were let go. Experienced tenured staff, staff with intimate tech and otherwise, knowledge of proprietary systems, processes, procedures, experienced key players in many areas were let go. The “life raft” exercise failed miserably.
What they also didn’t know or realize or think would not matter, is that those who were left behind were also leaving. Citi banked (pun) on the desperation of those left behind would encourage them to put in long hours to pick up the slack, that they’d be so grateful that they were not let go and so desperate to keep their job, they’d be locked into the job, chained to their desk. The new replacement staff hired walked around for several months lost and clueless and produced nothing. The knowledge lost didn’t magically be absorbed through osmosis by sitting at the desk.
The reality was that the staff left behind and not let go, started looking for jobs upon the release of the news of Bora Bora, the Jane speech of “get off the train” motivated them. Yes, the job market su-ked and yes, it took 6+ months or more to find a job but eventually people found one and left. I’m not talking just about Wells Fargo but also elsewhere as well and are still leaving even now and they are taking their friends with them.
My opinion , Cit is now struggling to keep what they do have. Now with reviews on the horizon and the much expected lack luster rewards because “well, your a 1 or 2 but times are hard so I can’t give you anything” speech that many will hear, will make things even more worse. Its odd to me that Citi will let go tenured staff and or do very little to retain them but will think nothing of replacing them with someone inexperienced at a higher salary only to get little or much less then the person they ran off. What can Citi do to make things better? Let’s see what they come up with. I guess the real question on the table now is, is it too late?
Lots happening, selectively
There will be no mor layoffs..until unless you try to do too good work and try to save company.