Many new hires in the last two weeks. What’s going on with Citi? Does it mean layoffs will be happening to get rid of current employees only then replace by higher cost lower skilled new hires? Citi’s way?
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Banks have made it easy for me to come and go and each time i make 15-25% more. I dont mind at all. If you arent getting a fat bump every 2-3 years then thats your fault.
Citi is ruthless. They hire and churn fast on purpose. There is no loyalty.
@e4+1jr3tt4tn Like I don't get it. Why and how does this fraudulent behavior continue????How do we continue to be under Consent Orders and get fined for risk/control/cyber things? It doesn't all add up or make sense. I don't buy that we're a global company and hard to maintain. We shouldn't have outdated systems, controls and processes. Read the news, it's has been out there for everyone to see our control issues and fined again last July. It does sound fishy to me.
I'm @dh+1jr3tt4tn
Sorry for the typo! 😊
*1,500-1,700 jobs
It’s known fact to every one, that fraud happening with in Citi and Vendor teams. Otherwise how Vendor teams can ignore or even don’t care about what FTE asks to do, which were critical for Citi . Because they know that their FTE boss who is fraud can save them.
This idea of cutting Contractors is long planned added with reduction of visa based contractors. But we all know vendor politics is rooted inside Citi. With the latest floating news I doubt there will be bloodbath in June for sure across industry.
Yes. We heard in a town hall for our tech area that about 1,500-1,7000 jobs needed to be filled and to let our friends/contacts know. Lol. I think they got rid of the $$$ people and contractors. Now I think they have more openings or making up positions so OCC/Feds think things are being accomplished properly. People got moved last couple of months again and few known layoffs (though not broadcasted).
All aligns with article below.
Summary:
- Citi to cut contractors from 50% of IT staff to 20%
- Plans to add 2,000 IT employees to reach 50,000
- Lender had a 'recent fraud event' within IT
https://www.reuters.com/business/finance/citigroup-plans-slash-it-contractors-hire-staff-improve-controls-2025-03-13/
probably, yes.
There will be a knowledge transition period, so that will be your gauge on your situation. May happen with other teams or your team. It al depends if it affects your world within Citi. If it is the case and your team will throw out expensive workers, aka. Americans, you probably have 2-3 months to make your moves for a new job before you get the rug pulled under you. Just be aware so you don't get caught off guard. It can also be just having more employees for a specific team and hire in lower cost zone to save a buck.