Just informed that Jane is asking all managers to 1) revisit their org structures to ensure C15s have at least 10 directs and 2) identify support functions (such as risk reviewers) that may be duplicative with BAU functions. Anticipated restructures in June as a result of this review. This was noted as "Firm Wide". June was my managers guess.
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I guess I am sc--wed. I am a C15 individual contributor.
@vs+1kqfgvhpf
LOL. You got busted in a lie. Yeah, this increases the probability that you ARE in HR after all.
Okay business and tech people, get over yourselves! Leave the HR person alone. If you knew anything, you would know that the HR stuff feeds into the financial planning. It's more than just laying a-h-oles off
@vs math not mathing.
First, your math is off. The S&P has NOT yielded a more than 14% every year.
I’ve checked the past 20 years and you’re wrong. There are years in there with negative returns or single digit growth.
Second and this is most important for you to factor into your retirement projections.
In order to reach your goal…you have to….now take notes on this one….you have to STAY employed until retirement. This is necessary in order to continue to contribute to your 401K not to mention getting that matching. This will be your challenge going forward. Good luck with that one. If you are in HR, yeah, good luck with that one.
Whatever, Hamlet's Player Queen in Act 3, Scene 2.
The posts obviously struck Nerves. The truth hurts.
HR is hated on this Site and other Internet forums for being useless, Incompetent B-a!nless trolls who couldn't get jobs outside of HR.
As many posters already posted, Citi should use and start with HR when using AI and to replace HR, because HR IS Artificial "Intelligence".
Please keep posting. It just makes you look silly. You won't find HR lovers on this site. Too many employees have gotten Fvcked Over by HR and Citi for a variety of reasons to have any fans or defenders.
@vm wow, you make many assumptions and used a whole bunch of hot air to do it. I’ve made less than 6 figures for most of my career in HR. I have over $700k now in my retirement accounts, not because of how much I made, but because of what I saved, and what I invested it in. Im only 48 and will have over $6M at age 67 even if I don’t contribute another dollar, and by simply matching the S&P. But I’ve averaged more than 14% annualized anyway, so I’ll end up over $10M easy, and that’s just my liquid investments.
Keep being a pr--k and making assumptions. It just makes you look silly
90%+ of HR employees are NOT on Chief HR SW's level, not even close. This means most of them are Not raking in Executive level compensation packages.
The employee structure is a very acute triangle where most people leave the profession after a few years because of low salaries and no career growth.
Take for example the top fortune 1000 companies. There can only be 1000 Chief HR Officers, Deputy/Assistant/Associate CHRs etc..
This is Not a lot of people. There are thousands if not millions of HR employees who are vying for those coveted jobs, but only 1000, or 2000+ if you count their Deputy CHRs who can occupy those jobs at any given time.
And the majority including the CHRs themselves, of employees who end up in HR couldn't hack it or get hired in other departments. That's why they end up working in HR.
It's easy to say "I'm building a lifetime nest egg of maxing retirement account contributions and investing in growth stocks etc." when you're one of the lucky few perched on the coveted throne like King Dionysius with Damocles' Sw0rd hanging over your head.
@n2 possibly true, but a career spent in HR, maxing retirement account contributions and investing in growth stocks generates a very nice nest egg. If you classify people according to their profession and not who they are, as people, then you are admitting your own value and identity is defined by your profession, which is to say.... you have no life.
No one in their right mind attends college/university for 4 years with the goal of working in HR unless their university major is in HR, sociology or psychology.
HR is where the unemployable or incompetent end up cause they can't get a job anywhere else.
I've witnessed this pattern and trend too many times for it to be a coincidence, even with my own relatives/family.
Look at Citi's Chief HR Officer, Sara Wechter. She started her career in Citi's Investment Banking Dept. but couldn't cut it there and then got transferred to HR.
And then there are others who got their Bachelor's Degrees in Accounting, Finance, Economics or Marketing, but ended up working in HR.
@e9 Aw, someone keep getting rejected?
I don’t think Citi has the same operating model and structure across the businesses/groups. I still see IC at Director level which makes no sense. Most of these titles are overrated
Not sure about 10, but there is some precedence to the concept of minimum number of directs for D's. Right after the Sept 2023 big reorg, the BCG guys had drawn up a similar plan - each D would compulsarily have to have a minimum of 6 direct reports unless there weren't 6 people in the D's dept. This was done to cut layers between CEO and junior employees. At the time this was done, there coulod be as many as 9-10 layers between Jane and say, an officer. Then move envisioned vutting that down to 6-7 layers. Similarly, an MD needed at least 12-15 direct reports..or so, if I remember. It was followed for sometime...and then diluted because it introduced some challenges, mainly because the D's didn't want junior directs who were doing the work on the ground as the D was not exactly aware of the nuances of all this work and a VP or SVP could better direct the day to day ops of junior employees
@a3 where did you read that? 10 directs can be any level including another D. I often see Ds with a mix of SVPs, VPs, AVPs, and even officers.
I hope the recruiting dept gets gutted
@a9
A standalone MD at Citi is typically either:
A top producer (trader, banker, salesperson)
A critical specialist
Or a strategic senior figure
Wonderful information!
Your informal informers are clearly keeping the information well informed.
@a4 apparently they're trying to centralize everything. They're looking for any functions that are duplicative with a function that has been centralized. Risk came up as an example. The duplicative team will be cut
Rumors have it June-July will be D and MD layoff round.
Our area saw 10%-12% cuts in the beginning of the year. unfortunately there is no clear target or numbers out there as to how much they target and how many have already been lost (Banamex IPO doesn't make this assessment easier) but I hoped if the rate of 1Q26 layoffs was firm-wide, we sort of have met 10% (20K ) staff reduction target already. but yet, they continue hiring in India and that's what's troubling the most. some groups already 80% in india. quality and productivity suffers even though remaining ppl in US work 50-80 hours a week, but none seems to care.....until the next consent order, I guess
does anyone have any estimate of yet expected reduction?
I've been told we are being set productivity targets to encourage AI usage.
Tbh, 10 might be on the large side, but come on - I have seen teams with MD managing one MD only, managing one MD only 😄. Too many directors passing orders down the chain. Useless.
How are they supposed to have that many in their group if they keep getting rid of everyone? I know several Ds that only have 3 or 5 people. I guess they'll just keep firing Ds and collapse groups. Smart. Citi is full of redundancy and bloated groups that do duplicative work. When I was there I always thought it was odd to have 5 different groups doing the same thing in a slightly different way. Luckily I got Rifd in Feb.
I think it means 10 total not 10 directs
@OP can you explain #2? Who will this affect? BAU, GITF? In what way?
A director will have 10 svp? If not means they will be demoted? What nonsense? Will the same applied to C16?