Thread regarding Citigroup Inc. / Citibank / Citi layoffs

It's becoming pretty clear to me that the company's goal is to have some employees quit to save up on severance costs

Converting managers to IC, their whole change on year end reviews and grading scale and giving mostly everyone a 3 and how they're making it more difficult to get a 1 or 2. Low or no bonuses.

Everything seems to be geared towards making some employees fed up so that they look elsewhere and save them money.

Management micromanagement increasing, this whole rhetoric of getting off the train, the same thing they did with the mandation of the vaccines back in the day, return to office, etc.

This appears to have been their goal from the getgo and they will keep pushing employees in ways to achieve people to go out on their own.

I now know for sure I want out, I will find my best time as right now it's not a good job market, but I'm done with all of this. People get jobs with the hope to have job security at least for several years granted the company is not crumbling and they're doing a good job. But here nothing matters, and to have this whole process occur for the next two years?

The health issues that this stress is causing is not worth it. Worst part is that the only people that will stay are the ones that won't be able to find a job elsewhere, thus if they think they're getting rid of the slackers and retain only the best, it's going to be the other way around.

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| 1703 views | | 11 replies (last May 9, 2024) | Reply
Post ID: @OP+1sk8KsTk

11 replies (most recent on top)

Some of the movement/transfers I'm seeing concerning Laidoff employees are that they were offered demoted jobs/titles, but at their same salaries. In other cases, they were "offered" demoted jobs/titles in locations far from their home cities or U.S. States ! Some of the demoted jobs/titles are up to 2 levels down, for example SVP down to AVP, Director down to VP. Would you take or accept a job that's located outside of your State or located in Mexico just so you have a job so you can feed your family and pay your mortgage???? It's a tough call and decision to make. When an employer makes these types of proposals, the employer obviously does Not want to keep the employees and is trying to drive them to Voluntarily Quit so that Citi does Not need to pay Severance. We all know that most of the employees who accept the demoted jobs are only doing so for the near future while they secretly or Not so secretly search for a New External Job outside of Citi !

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Post ID: @7tvk+1sk8KsTk

Post ID: @2esk+1sk8KsTk Citi supposedly wants employees to build a better train, but the moment employees think outside of the box or in a Non-Citi way And come up with solutions, they'll FIRE the employees under the guise of the being part of the Layoffs. I've seen this happen to Svckers Citi lured away from JPMChase, GS, and other Real Banks only for them to get FIRED because the Old Dinosaurs disagreed with the way the former wanted to improve Citi. Face it, Citi wants to stay with the Status Quo which is a sure way of becoming Extinct like the Dinosaurs!!! LOL!!!

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Post ID: @3ygm+1sk8KsTk

Post ID: @1gil+1sk8KsTk Yes, correct and as the OP stated the employees who will Quit are the ones with in-demand skills and knowledge, And Options. These are the very people who can Save Citi. The employees who will remain at Citi are the ones with the same Outdated "skills" and "knowledge" that dug Citi's H0le, are average/mediocre And have few if any other options besides Citi. Their only options are working for McDonalds, Chik-Fl-A, Burger King or Wendys. CEO Insane Jane stated that Citi is creating new methods of doing business and something No one has every done before. What??? A User Manual on "How to NOT Sell Products and Services Customers do NOT want, How to NOT Make Money and How to Drive a Company Into Bankruptcy" ??? Or is it "How to Give Away US$900 Million Free Money to Revlon's Creditor by Accident Because Citi has Incompetent, Mediocre-at-Best Employees Who do NOT Know Their A$$ES from Their Elbows" ???!!!

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Post ID: @3uon+1sk8KsTk

What a kind of games are management playing? A bet made like trading places to see who wins for one dollar? They talk about the train but how about building a better one. They pin people in boxes and when we start to chatter, they read your emails and text messages and guess what? You are out. Or even better, put you in an IC role. So, that you are shamed. You didn't do a great job but we keep you anyway. Just for a little while till we see who wins the bet.

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Post ID: @2esk+1sk8KsTk

How many people feel the same?
I am so stressed. I put on a fake happy face. And in back of my mind, I feel like people don't like me. I know for sure my MD doesn't. The team see me as an IC that lost managing people and I thought I was a good manager. I thought I actually did something important. Now, I feel it is all political. A game that can't be won. A game of knowing that person is going to stand by me. It is a part of life. I am just hoping I can get out of this bad feeling, my anger and my sadness that is making my family miserable. I hope I can get out of this and I pray for others in the same situation. It is hard to be positive but we must overcome the wrongs.

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Post ID: @2kra+1sk8KsTk

Of course. That's why they're stretching out this reorg until the end of 2026. They first said it would be over by the end of Q12024, but then realized they don't have the dough on hand to pay out all that severance. So now they're trying to scare tactic people into quitting, so they won't have to pay out severance at all.
Anyone can see this from a mile away.

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Post ID: @1gil+1sk8KsTk

Post ID: @OP+1sk8KsTk What you described are the actions, maneuvers and tactics of a desperate, destitute and Dy!ng company. This has happened before at other bankrupt or acquired financial institutions: Bear Stearns, Lehman, Washington Mutual, Banc One, Wachovia, Merrill Lyn-ch, Silicon Valley Bank, Republic First Bank, Commerzbank, Credit Suisse........Citibank/Citigroup.

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Post ID: @xkm+1sk8KsTk

A breath of honesty. Exact sentiment that only few knows what will happen.

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Post ID: @lca+1sk8KsTk

I think it's meant to be confusing on purpose. It's not over just this phase is over.

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Post ID: @vls+1sk8KsTk

Because that's how they act in the townhalls, acting like it's over, when it was barely the management layers that were flattened but the IC layoff hasn't even started.

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Post ID: @nll+1sk8KsTk

For some reason many people I spoke with seem to be under the impression that layoffs are mostly over. I think partly it is coming from mixed messages that we have been hearing.

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Post ID: @vwb+1sk8KsTk

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