I’d like to think that Citi would provide the usual severance package that they’ve done in the past rather than a scaled down just two weeks only.
I’d like to see Citi NOT put the squeeze on people to run them off so as to NOT provide a severance.
Unfortunately it seems that these are two rather huge “asks”. It’s embarrassing if they don’t but I’m afraid there’s too much emphasis on reclamation of money to expect otherwise.
@1qj can confirm a lot of 4s RIF with severance and bonus. One already got a job externally😂😂😂.
@1qd what was your rating?
@a1 - I got RIF'd last week - 2 weeks per year worked, + getting my annual bonus, any unpaid PTO (this will end up being 80 hours), + 401K match as I will still be an employee till mid-March and this is normally paid out by March 1st. This is all on top of the 60-day non-working notice and being paid for that as well.
Severance is not something employees are entitled to by law. Companies offer for goodwill purposes and to get employee to sign away rights. The important document the to read and understand is the separate Severance Policy. It’s standalone and provides more details than Employee Handbook. It’s hard to find on CFY, but I always printed a hard copy for myself.
At least give those from whom u don't expect anything or u don't care if they are coming or not, expectation is critical delivery , rating is 4 ..and following up for that with a flat face..I don't understand they got amnesia or what
Its crazy a 4 is like the new thing now. So many this year.
I m tired of it, they are not only pushing u to resign , demotivating to the core.. higher management sitting and seeing the drama,not even reading the emails regarding it.. how can they expect outcome
@b1 it’s policy. That enforceable in employment law you big fat liar.
@b0 lie
I don't understand gave 4 in all the rating and sending messages hope we are inline with this weekend release, it's very very critical for clients, they're looking for it..I mean seriously???
@b2 🎯
@b1 THIS!!!
You’re sc@wed either way.
You get the axe, reduced severance.
You get the axe due to a PIP, no severance as you are not “laid off” but rather fired.
If you get to stay, you’re worked to death to pick up the slack from the loss of staff.
For your moral boost though, you get to come into the office more often.
There’s always the small print that says something along the lines of “they can change policy to accommodate the needs of the business as needed”.
Citi does not have to follow the handbook, they just have to follow the law. The law does NOT state 1 pay period per year of employment up to 3 months max.
@ax ever heard of the term "business discretion"? As long as Citi does nothing "illegal", making decisions based on "the needs of the business" or "business discretion" gives Citi the legal parameters to adjust severance terms. NOTHING, not even the terms of your employment/job are guaranteed and sadly, some people will be disappointed at the level of compensation received when their employment with Citi is terminated. Unfortunately, there will be folks who will get let go based on "unfair" performance evaluation and NOT receive severance. There will be folks who are laid off/RIF'd, and not get what they expect to get (i.e., 2 weeks per yr of service).
If you're still employed there, considered yourself fortunate in this market, but don't kid yourself or pi---d off at the reality of what's going on.
@as Wrong. Do you guys just make this up and say it to yourselves so much you start to believe it? Severance policy is written in the handbook. It's in print acknowledged by every employee. You think they'd just decide not to abide by it and have it withstand in court? Citi is doing shady stuff with ratings etc, but they aren't just going to stop providing the severance that's outlined in the handbook. If there is a RIF/layoffs, there will be severance for 2 weeks for each year. Period. Nothing has changed. Will they make smaller numbers to not meet RIF thresholds, fire people outside of a RIF? maybe. But if there is a layoff the severance packages will align to the handbook. I wish people would cite facts on here and stop making things up or repeating things without fact checking.
@as lie
@a1 correct that this is the standard; however, changes can be made per business needs. Citi has run out of money to pay the "standard" severance package for all impacted employees. The people on the chopping block are going to get sc--wed in terms of severance amount or no severance at all.
Unfortunately, Citi has run out of money that was 'earmarked' for severance payouts per project Bora Bora. That said, they are still well short of the required global headcount cuts and will leverage whatever means necessary to lay people off at the lowest cost. What's most unfortunate is that all of us who were RIF'd last year are considered lucky.
@a3 they can't arbitrarily change it if it's written in the handbook.
2 weeks per year is what is normally offered however they can offer two weeks only in total and not per year if they want.
And in the US if making 100K it’s 3 months min.
Where are you getting info that severance is 2 weeks only? It's 2 weeks per year of service.