I joined Citibank London very recently. Just last week my director announced that they’re leaving the team as part of a new org structure and our team will be reporting to a new director.
I’m worried if this could be a prelude to layoffs. Does anyone know of any news in London?
8 replies (most recent on top)
@e9
Luxembourg and Dublin low-cost centres?
@h3 it’s Belfast
Is your GOC a London or Belfast one?
Your salary is determined where you're physically located, which Citi office you commute/drive to.
So this means you have a London salary level.
Therefore, you're in a High Cost location = London.
@e9 I am based in London but my cost centre is Belfast, UK. Does that make a difference?
Unfortunately, London is considered a high cost location with high salaries.
Anyone who's in a high cost location has a target on their back.
Low cost countries/locations in general where Citibank has satellite Corporate offices (Not in any particular order And Not retail bank branches):
Mexico
Costa Rica
Brazil
Argentina
Germany
Belgium
Belfast, UK
Dublin, Ireland
Luxembourg
Netherlands
Canada
Poland
U.S. States:
Missouri
Delaware
Texas
Florida
North Carolina
South Carolina
Georgia
Alabama
Tennessee
Minnesota
Colorado
Maryland
This does Not mean that low cost locations get Zero or close to Zero layoffs.
Low cost locations are impacted minimally relative to High cost locations (e.g. London, NY, NJ, Massachusetts, California, Virginia, other States, etc.).
People have been let go in LDN in the past couple of years. Many left or were "retired". But happens across all banks in LDN... Citi just did not do it in the past 20 years or so, so catching up now.
Welcome to Citi. There are layoffs every month. You will need to learn to get over the anxiety of never knowing if you are next.