Citi has turned into a never-ending layoff machine. If it's not a major round, it's surgical cuts, removing a few people here and there so most don't notice. It’s like Groundhog Day but with pink slips. These days, every time I see a 1:1 on my calendar I get a stomach ache.
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Citi laid off 27 people from AML in 2019.
22 out of 27 were white men.
They made us sign an NDA and take a $23,000 severance which obviously youll take when you just got fired.
Terrible place to work. I had anxiety and hated all 4 years there after trying every program and leadership projects.
That is so cool, i got 37 in and am still goin strong. Go Citi Go Jane!!!
@hr hope you get your wish. They got me last year, I had already made plans for retirement. Took the money and laughed!
I joined markets tech at Citi in 2022 as a new grad. When I first joined it honestly was a nice environment. Since the reorg, I always have a cloud over my head asking myself if I’m the next to get laid off. I honestly wouldn’t know what will I will do if anything were to happen, as the outside job market isn’t great for my years of experience
The best outcome would be to break the bank into smaller as Senator Warren suggests. Can’t afford another 2008 due to stupidity of $hitty bank
@h9 we’ve accrued 700M plus this year for layoffs. Why not use it on someone like me who wants to be gone. ‘M ready to retire in the next six months (unknown to them) but it’s the principle - I want a package.
Correct. Citi and other employers are sh00ting themselves in the foot by mandating RTO and/or having Layoffs.
The first employees who Quit are the ones with options to go to a better, higher paying job and employer.
By extension they have options because they have In-Demand skills and knowledge.
The dregs-employees who remain in Citi are the ones who do Not have or have few if any In-Demand skills and knowledge that employers want or need. These are the ones Citi does Not want around, but they stay w/Citi because they've got No where else better to go.
For Citi and other employers, their Layoff and RTO strategy is a vicious circle De@th Spiral leading to definite extinction.
One of the best people I know, a highly respected, intelligent manager who didn’t mistreat others (putting them in the top 5% at Citi), left earlier this year. I asked why, as I didn’t think they’d be cut. They said they enjoyed building things and didn’t want to stay in a toxic environment where the CEO and direct reports (like Trim, Mark M, and Lofty) have announced ongoing cost cutting measures. It’s no secret that cost reduction is the company’s stated goal, and people are the biggest expense. They felt they only had so many years in their career and didn’t want to waste time navigating a company correction when they could work somewhere better that focuses on growth. They also feared layoffs, as there were no guarantees, especially for those outside the inner circle. This person probably wouldn't get laid off, but paranoid and didn't like even the chance of it happening. This is likely what the firm wants, attrition through voluntary exits, but it will lead to a long term brain drain as talented people (those with options who can get hired elsewhere) leave for competitors.
I’m just waiting for my bonus, and then I’m out too.
@ch Agree with the last poster. The job market is horrible. Jane would have loved more attrition and they make it miserable enough to want to quit, but where are you going to go?
Why downvote a comment that is true? No one is quitting jobs like they used to. The figures from bora bora included assumed attrition but an uncertain economic climate means people would rather stay where they are known than to take on something new.
It is temporary for this and next year. Fat Jane has her metric to get the stock price up so she can get paid $$$$ millions as millions paid till now is not enough to keep roof on her head and bring food to the table. After that she retires in glory and next person comes to clean the mess…hiring starts again. Vicious circle and games of big shot and middle people pay the price for their ultra ultra lavish lifestyle.
Sh$tty is stagnant and not growing. The only way to pump up stock price (by the way only big bank to still have stock price 80% below their 2007 price) is by selling businesses and expense reduction. This will continue until better management is in place to drive business growth. Next 12-18 months don't seem to be good for employees.
You know this was the announced plan 2 years ago right?
Attrition is down. No one is quitting so this is forcing layoffs. They were hoping people would leave with some of the changes.
Culling the herd?
Are they really removing the dead weight :-)
Welcome to the banking world :D For some reason Citi stopped doing this in the past 15+ years and hence we ae where we are - bloated, full of mo--ns, waiting to retire. All banks across the street do layoffs every single year - this is how you keep expenses in shape. And remove the dead weight, and we have a lot of it at Citi.