Supring that no one posted on this till now. Managers have submitted 10% of their staff for rating 4 as requested by TR last week. Expect the cuts by Aug/Sept ?
35 replies (most recent on top)
@OP This is $hitibank:
https://www.yahoo.com/lifestyle/articles/frustrated-employees-revealing-red-flags-031602712.html
@OP What is TR?
@23k All end of year ratings have been collected already in a survey! End of year appraisal should follow the same. So whats the point in performing anymore? Nothing will change. Maybe take a long medical leave if you think there is a risk. Have seen this strategy been employed by many during Bora Bora.
Is there even a HR in Citi now?
What is mid year 10% list ? do they give rating in mid year as well?
@ROB The Securities Services comment hit a little too close to home. Is this a Production Support director?
@wa Any firm numbers on headcount reductions ? In my opinion, this type of toxicity crept in since the start of Bora Bora, C-level leaders don’t care or maybe encouraged the same to shake the boat.
@tk It’s the identical situation in Securities Services. The director has not only mandated the 10% of 4s, but additionally spends their time constantly complaining to their directs, that they should be an MD, rather than a D 🙄
Morale is through the floor, and there is a rush of managers either moving internally, or planning their exit strategy, due to the toxic environment.
@r4 Same with Risk.
My MD in Risk who's been in Citi for 10+ years (I will not give more details than 10+ years since this will narrow the population and could expose me as the poster.) stated months ago that Citi will force Rating 4s on employees who do Not deserve it, even those who normally Rate 2s and 3s because Citi needs money and to save on expenses.
With the exception of the C-Suite who can continue to Bl00d Svck money with their US$ Millions of Dollars in salaries and bonuses out of the employees and Shareholders
Citi is literally a sinking Titanic, grappling at straws to stay afloat. Citi is hopeless. The C-Suite get the Million Dollar lifeboats while the employees are left to drown with the Titanic or simply thrown overboard.
@qt what about risk ?
@qt+1k01n9v10
meh, every single week someone makes a post that tech is getting hit.
The boy who cried wolf etc…. sometimes it happens, sometimes it does not but its said so often its lost its effectiveness as a post.
Tech has 1k layoffs this month. Some notified, some will happen over next few days. This is from the May list. The mid year 10% list will come out in a month or two
@pj me too. I call BS on you though cause yo think Citi is unique.
@mp Nerves were struck ! The Truth Hurts. ROTFLMFAO !
Fortune 500 ? That's light weight. I've been working for Fortune 200 companies since graduating from University. ROTFLMFAO !
@ma your sh---y bank trope is so old. You apparently have zero Fortune 500 experience outside of Citi. I do. Every one of them to various degrees does what Citi does. The banking industry is admittedly pretty awful relative to others that I’ve worked in but Citi is not especially egregious in this regard. The only thing that is unusual in my experience is setting a 2 year target for job reductions. I’ve been through 2 RIF where between 8-10% of employed were let go but that was complete in a matter of months. Measure twice, cut once.
I’d add though that with AI investment booming companies are going to start having to tell investors what to expect in terms of headcount reduction opportunities over time.
Everyone, All Posters.
Only penurious, destitute and desperate employers pull the machinations and Bull$hit $hitibank is doing.
It's like digging through trash to find pennies, look for every excuse No matter how absurd or outlandish the excuses may be, to nick, dime and penny employees. $hitibank hates its employees ! Don't you people see that ?
Some of the Bull$hit financially unstable $hitibank has been doing for the past 4 years (NOT all inclusive):
Zero or low salary increases and/or bonuses
Forced Performance Ratings of high performing employees (in a Normal company would be Rated 1s / 2s) into 3.
Forced Performance Ratings of high performing employees (in a Normal company would be Rated 1s / 2s / 3s) into 4 and give out vague excuses why the employee is a 4 and/or PIP material. Once you're on a PIP, statistics show employees have a 90% chance of getting Fired anyway because of the PIP.
PIPs are designed to setup the employees for eventual Firings since the Bar is very low for errors and the employer is keeping score, looking for any F@rt reason to Fire the employees. You so much as breathe left instead of right, and the employer will note that as an error and move you closer to getting Fired.
Very few In-seat promotions and/or moving up One-Level promotions (e.g. AVP to VP, VP to SVP, SVP to Director, etc.).
Reduced medical, pension/401k benefits and reduced matching.
Reduced vacation / PTO days, even for anniversary milestones (Tenure 5 year, 10 years, 15, 20 etc.)
LOL. Headcount in 2Q 24' was 229K 2Q 25' is 230K per the earnings call just now. This is with the China layoff. Project Bora Bora has petered out.
@ks sorry meant to type get rid of. Post stands. why wait till 4Q and go through a bunch of hurdles when you can terminate them now using reserves you've already set aside. Now on a go forward basis will the policy be to start giving more fours to remove low performers? Sure. Long history of companies doing that. General Electric under Jack Welsh being prime example. But goal now is to cut head count. RIF is the way to do it.
@kg The goal isn’t to replace them, the goal is to get those numbers out the door.
@jk This is all true. The worst part was the force ranking of 10% 4s even on high performing teams. There was push back, but they still moved forward with the exercise.
@k8 Meh. Doesn't make sense If the goal is to replace low performing or redundant personnel why not just RIF them? Why pay to string them along? Net impact of paying them till end of year is roughy similar especially if you include 401k accrual. Plus we have bumped severance accruals and we've told the street we're cutting 20K people which by my reasonable estimate were more than 5K short of.
@k8+1k01n9v10
Good excuse as any I guess.
@jz Managers have been briefed on this, and mid-year feedback will be structured in such a way as to leave a manager enough ambiguity to justify a 4 at year end. Also HR are fully aware of this exercise. If you’re on that artificially inflated 4 list, you will be gone by year end, with no compensation. The headcount reduction numbers are already agreed.
To rate people as 4 and get them on PIPs (and get them out), the mid year review needs to contain warning flags about performance. Otherwise the person can appeal and claim there was no warning and the final rating is unjust.
In this scenario, HR will ask the manager to produce emails where poor performance aspects were highlighted and called out.
Watch out for your managers sending crafted emails that excessively point the blame on you, overstate problems etc. These are the hints of you being groomed for termination.
Post ID: @ck+1k01n9v10
How are you getting an in-seat promotion mid-year? I was told this is impossible when I was pushing for my transition to C14 :D Such a sh---y company :D
@OP Correct. To reduce the money previously spent on redundancy payouts, managers were mandated to artificially increase the percentage of 4s within their groups, with the specific intention of terminating them as low performing employees at year end. With no scores being shared as part of mid-year discussions, employees will have no idea if they are on that artificially inflated list, as managers will also keep any mid-year feedback commentary very neutral, to ensure that they don’t leave themselves & the company open to a future tribunal. It’s a cruel, but effective, way to shed a lot of additional staff, without paying them anything. No surprise really 🤷♂️
Mid year reviews happened in June and are being put out within a few weeks.
lol, another layoff being prepared by Trim?
@ck it's the game. As long as u prompted, your manager will say need to balance in the team even you did a great job. it's bullish!t
I am up for a mid-year bump to C-14, supposed to hear if its actually going to happen in the next week or so. Was rated a 2 last season. We have plenty of 4's in our department that's for sure.
@af u are BS and obviously u are not a RM, RM submit rating at beginning of Sep. now they need draft the rating list and a lot of rounds collaboration.
Another non-sense.
I know a peer who was just rated mid year, so it obviously happens! Some people are so rude!
Lies and the lying liars who tell them.
They’re sad people.
You keep calling people trolls, but this happened. It may not be the norm to you, but it happened.
Total BS. Ratings don't happen until end of year. Troll.