simply a rumor I heard from an ex citi who still has friends in high positions. was told today they are planning to give people option to locate to specific places i.e. Deleware, Florida or you can leave the company.
has any one also heard these rumors?
Post ID: @rf+1jy7fkbn6 Tampa has Not been considered a low cost location in years.
Is it cheaper than NYC and San Fran ? Yes.
Delaware, Missouri, Iowa, South Carolina are lower cost than Tampa.
There are cheaper locations than Tampa and Delaware, if you can believe it.
@qw I can confirm this and add that they are also replacing in Mississauga Canada.
HR is methodically cutting C13s and C12s in the US, and immediately rehiring in Costa Rica at a lower cost
Haters gonna hate, but if I have to go in the office, the rest of you have to as well!
We still have a number of people that are fully remote but have NY-level salaries. I think it would be more effective to force them to return to office which should drive more attrition. Then replace them in a lower cost location.
Already happened with some people in hr in florida who were told their jobs were moved to Costa Rica. Of course the company was generous and told them they could move their and keep their jobs. Hahahaha.
Then suddenly you have a team of 8-10 C11s to C13s with no direct supervision and add a couple of C14s. Since the Bank likes structure, then a C15. So it’s not only “low level jobs.”
H1B issues. So they push these. jobs to India and low cost zones
This strategy has been implemented by Big 4 long back, so now it is Bank’s turn.
Yes, organizations can save money but quality suffers. I worked with folks from India, Argentina and few other countries. I ended up explaining every requirement 10 times:-)
This is 💯 fact. There are a few businesses that are working on strategies to roll this out in the next year. Right now focus is on C11-13 that can be offshored in India, Costa Rica, etc. Logically it makes sense because why pay a C12 in NYC 125K when you can get three people in India.
This is true but depends on positions. Only low level replacement will be hired in low cost location.
Probably not like that but “replacement” positions are being opened elsewhere. I just had to open a position in India to replace someone in Florida.
@aa That’s like saying the boat isn’t sinking because someone just brought a cup of water on board. It's happening.
Nonsense. Still hiring in NY and NJ.
Tampa already has a seating problem. If they relocate to other areas, then why pay exorbitant CRE for NYC/Jersey City? And wasn't RTO because they were getting tax breaks for having b-ms on seats in these two locations? This rumour doesn't make sense. Half the firm probably works out of one of these two locations
Yeah
There are firm wide efforts to move positions from high cost locations to low cost, primarily India.
The timeline seems to be within the next year. Can't confirm though. Read some rumors from other posts that layoffs happening mid July or so, but who tf knows. Entire place is a sh-tshow