Citi is rolling out the Steer program to support job placement for employees expected to be affected by upcoming layoffs in the transformation space. The initiative targets approximately 6,000–7,000 individuals, with the first wave of impacted employees starting as early as next week. This will be a phased process spanning 12 to 24 months.
Employees are being grouped into three categories:
• Group A: Those working on transformation programs that are concluding soon.
• Group B: Individuals on programs expected to wind down within 12–24 months.
• Group C: Employees whose roles are not directly tied to consent order work.
Groups A and B are primarily involved in consent order-related efforts, either directly or indirectly.
Personal perspective: This appears to be a cost-avoidance strategy. Rather than offering immediate severance, Citi seems to be leveraging the Steer program to place employees elsewhere within the firm. However, given the scale—6,000 to 7,000 employees—it’s likely that many will eventually be let go.