https://www.efinancialcareers.de/en/news/citi-s-severance-spending-suggests-it-won-t-be-cutting-jobs-in-q4
6 replies (most recent on top)
They never do large layoffs in Q4 - this isn’t groundbreaking
@bm why C13s?
Well Dun. Been know for a while. Fortunately there’s a whole new reserve bucket and it will be used to clear the board of a large # of c13’s in Q1
Or it means more low level people will be getting cuts as their severance costs are lower. Or contractor cuts. Pure speculation.
Citi has always had a bucket that needs to be met for a 4. This is nothing new. Doubtful there will be a large increase in 4’s.
This was written 3 weeks ago, and is already out of date. Why post it? 🤷♂️
Citi have already mandated that people managers had to artificially inflate the percentage of employees rated as a 4 at year-end. The purpose of that is to enable the company to then discard those employees as perceived low performers, although they are not, and therefore not have to pay them any severance.
All of those artificially inflated 4s were agreed and submitted weeks ago, and those managers will be delivering the bad news to employees in their year discussion in December.