Thread regarding Citigroup Inc. / Citibank / Citi layoffs

No official information on this. Confirmed by an employee from that bank.

in some countries its illegal to monitor timing, so I go to office, drink coffee and go back home

Post ID: @dn+1jh1yrhmd If Citi forces 5 days RTO this will drive employees out.
And the employees who can quickly get new external jobs are the top performers with valuable skills and knowledge, the employees who can actually help Citi.
Citi will be Sh00ting itself in the foot if they force 5 days RTO.
JPMC can afford this mandate because JPMC generally pays better than Citi and other companies.
JPMC can easily attract & replace employees with the same or higher level of skills and knowledge who quit because of 5 days RTO. Citi can Not do the same.

JPMC doesn’t always pay more than Citi. That’s why I left. Be cautious of what you read. Hopping banks is sometimes the only way to get a legitimate pay increase.

No room for full RTO in midtown

We are moving to 5 days from what our manager said but didn’t say when. This will impact several on the team whom are not located near a worksite

I’d forgo the more $ in order to work from home. If made to come in, then I’m chasing the bucks and going elsewhere. If you’re going to be made to do something you don’t want to, you might as well get paid as much as you can for it. If mgmt can’t see that, then there’s no hope as it’s so obvious as a drawing card as it can get.

Not happening in Tampa. Nowhere to put everyone. I willingly take less than I could make elsewhere ~ 25-40K factoring in bonus (non banks pay their manager level people at least 15% for hitting targets). Special situation given I have retirement in sight but if not I:

1. would never not work in a hybrid role
2. Not work at a bank - many better industries to work in where you can see your work making a difference.

JPMorgan Chase may be back in the office 5 days per week, but the important question is does JPMC pay more or better than Citi and by how much ??? From what I've seen, experienced personally and heard from friends and relatives is "Yes" by at least 1.5x than Citi.
And so the question employees need to ask themselves is, is 1.5x annual salary or more worth it to go into the office 5 days per week ?? The answer is different for everyone. Some people may need to pay for daycare, child care, have high commuting expenses, etc..
Unless you have trusted relatives or grandparents willing to help, quality, professional daycare is an average of $3000+ per month in New York City. That's $36,000 per year. I'm assuming parents do Not want to leave their most valuable asset with Boiler Room, unlicensed daycare centers or people who simply opened up their houses to accept bodies/as many children as possible for the money while the children are actually Not take care of (given food, have diapers changed, etc.) or worse, are physically and/or S3xually abused.

I'm in an APAC country, there is enough seats for around 60% of our total workforce. We won't be RTO 5 days.

@a5+1jh1yrhmd, as an employee, yo don't get to call the shots like that. Citi will have someone in your role so fast your head will spin. The entitlement of some of you. Don't like it, you're not forced to stay and make your own rules.

RTO is all about trying to increase the value of commercial real estate back to at least break even liquidity. (Interest rates aren't helping). It's also about the duress from local and federal governments to recoup lost revenue in parking, bridge tolls, taxes and local businesses, etc. During Covid there was a mass exodus from high concentrated city areas like NY to more rural spots due to the ability to WFH. The result was that commercial real estate became empty and essentially worthless and local governments lost a LOT of money (or rather didn't make as much). Interest rates and empty buildings made commercial properties worth less than the loans against them with negative equity. Defaults start to happen. And if the commercial real estate market collapses/loans default etc, loan holders - like Citi- would be dramatically impacted. Banks and the Fed are scrambling to keep that from happening. So if they can herd the cattle back into offices it will force them to start standing that market back up. Never mind Citi touted global WFH during Covid as a huge success. Productivity goes up and costs go down in a WFH scenario. These buildings would be better served to work with local governments to convert to low cost housing which would solve a bunch of problems. But banks and governments aren't interested in long term and doing the right thing. They are knee-je-k reactive and put on band aids to kick the can down the road. It has nothing to do with working better together, or employee relationships. If it were, why would job openings managed by someone in IL be posted in Tampa without a single working peer nearby? that's not working together. That's putting an a$$ in a seat to show a full building in a low cost area. Who do they think is buying the rhetoric? Years ago Citi closed several sites making lots of folks remote. Now those remote workers are being punished by making all open positions an in office requirement. And not just any office. You could be a perfect fit for a job in a site near you, but instead it's only available at a site thousands of miles away. I ask you, who is this serving? It's not serving employees and their ability to manage their careers ( as the recent rope an pony shows in TH's try and sell you). It's not serving Citi getting the best candidate for a job. It all comes back to the value of commercial real estate and local government revenue. You are cattle.

I like to go into the office while sick and make sure to visit as many managers as I can.

This is interesting and i think the focus is on the turnaround and the medium term targets. We if we deliver than that’s a massive win and validation of Janes strategy, including her people strategy

Wait for earnings this week. The street is still skeptical. If we don’t show tangible progress in return targets this year then anything and everything is on the table. Especially if Jane is pushed out

Usaa is four days a week.

The new billionaire admin will force everyone into the office five days a week.

Senior managers love being in the office and a bunch of people running around after them.
With WFH they don't get the same public shows of respect and deference.

When alpha dogs talk out loud to their teams, they deserve an audience.

Post ID: @a5+1jh1yrhmd: WFH is not about how much you work - it is about compensating you for not having to pay for child care, transport, food, etc. For me it all adds up to approx. 10% more in terms of after tax pay which is huge when you take into account the fact that incomes in the west have been lagging inflation for years. I think senior people at banks, who started their careers 25y+ ago are delusional - they had a pretty good ride, but the Millenials and Gen-Zs do not see the point to work hard / from the office if they get the peanuts...

It doesn’t bother me any. I’d actually be working less. If working at home, I work long hours each time. If you make me go in then all you’re going to get is 8 hr per day. I can promise you that once I leave the office, I will not be logging back in once I get home.
You can get one or the other.
A.) Work from home with long hours.
OR
B.) Work from the office with no long hours. Just 40 hours a week.

You can’t have both, its either “A” or “B”. LOL
Citi does not pay me enough to make me come into the office AND also log back in once I get home to put in even more hours. If you want both back in the office AND the extra long hours, then Citi will have to reconcile with cracking open that wallet and paying me more. Crazy huh, wanting to actually get paid for your worth. Its nuts, I know but this is where most of us are at now.