Finally some good layoff news. Per Bloomberg Citi is severing 1K people this week. US centric. Pick me before I retire please.
Also FIRST!
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@j1 Where on Glassdoor? can u share link?
@hx yup, its on. One of 3 from old team here. Thanks citi!
@hy check Glassdoor for details
@hx it has started already??
It's one like donkey kong. Texas Tampa NYC
@fz there’s definitely no offshoring to Singapore, it have always been offshoring from Singapore and Hong Kong to India in the APAC region.
The 1,000 layoffs affect mostly 'Citizens', while offshore operations in India, Singapore, and other countries continue to expand. Vendors such as Virtusa, TCS, Wipro, LTI, NTT Data, Infosys, Xoriant etc.. are not only unaffected but are continuing to grow. Governments should look into immigration fraud, cash transactions in offshore locations like India, vacations taken by high profile employees, Gift Cards payments, Caste of Indian employees with highest ratings, recent employee promotions and their managers' caste and country of origin etc..
Citizens suffer and immigrants thrive. Pure racism.
Citi IT division is unilaterally controlled by Indian consulting firms, higher caste employees, fraudsters..
US and European governments should open the investigation.
Its fear…
It makes people feel better to think that if you were let go…it MUST be cause of a much deserved rating of 4.
The reason why it makes them feel better is because it takes them out of the category of “this could happen to me”. Its a mental safe guard to guard against the truth as the truth can be rather ugly.
@db incorrect! Just correcting your misstatement. As for me I'm retiring at my earliest opportunity after a nice bonus check Feb 2. Letter has already been drafted
Good luck to those left behind
@da enjoy your severance?
@d8 As part of a RIF, yes. Fired outside of a RIF, no they don't. You sound like someone with a 4 who is living in fear you won't get severance.
Received informal notice December 4th that I would be a transformation casualty on February 4th. Nothing written received to this point. 19 years with firm and received all 4s for the first time ever on year end. The rationale didn't justify the rating at all. In ICRM as a SVP. Manager all but ghosted me to this point. Have not ever given a reason to as relationship was good prior. Any thoughts as to what is next?
@d8 i seen 2s get RIF. Ratings rarely are a the main factor in RIFs.
@d7 LIE! they still have to pay severance to the 4s
As a lot of news sources are telling the story today. It's no surprise that Citi is announcing 1,000 job cuts timing it just before bonuses. So either trading severance for bonuses with a RIF, or flat out firing the forced 4s so they don't have to pay anything. Next 24 hours will be interesting. I feel for anyone with a forced 4. Good luck to you. If you get let go I am hopeful you get severance and embrace the change that Citi pushed you out of this psycho he!! hole and offers you the freedom to pursue something that makes you happy.
@bz...yes, a bonus will still be received but hearing they will call it a special payment. Will it be flat to the person's last year bonus...highly doubtful...guessing in the 50% to 75% range
What areas in Tampa ?
Trump should intervene in protecting US jobs. Of course it’s capitalism to reduce costs!
@az
Would an employee RIF'd this week still receive their bonus?
@an that’s not true for all areas.
So I need to wait 3 months to see if I survive the layoffs? Great
Am hearing some RIFs originally scheduled for the 14th are being pushed back to Feb because they dont have enough people in HR to execute
@ak All people being RIFed are allowed to be replaced if they are in a high cost location and the are replaced in a low cost location(not medium cost)..expect that to be India or Poland. Essentially CITI is trying to leave the USA
Most of the 1000 will be Tech, only non-High cost location in the US is Jacksonville, these aren't straight layoffs, they are allowing you to move the position offshore.
Location ? All sites… globally?
1000 is just senior levels (SVP) and above. Rest to follow after March.
@ak Welcome to capitalism.
They are outsourcing all of the jobs that they are laying off in Tampa and New York. The United States government needs to intervene especially since they are the ones who are there to bail them. Why are people not talking about this more or the media!
@ae Tampa definitely not low cost anymore. It’s also where most of the CO dedicated employees are. Going to be ugly but frankly they need the extra space with going to 3 days in office.
Not tech?
@ac tampa and NYC? Tought tampa was low cost center. Wonder what depts. saw retail branches were being affected hard
@a9 mostly Tampa and NYC
Is it only NAM ( us Canada)?
Yes looks like next round is happening this week
https://www.tipranks.com/news/citigroup-is-set-to-cut-1000-jobs-this-week