SVP roles in my part of Risk are being eliminated. Many 1 on 1 conversations with people, they are being offered demotion or leave.
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My MD started the "Quick Connect" call with a spiel Bullsh!t about the "realignments" and reorganisations. I cut him off mid-sentence and said, "And I'm Laidoff?". He said no, let me finish. I'm being transferred to a new group. He looked so confused because I looked so happy and perked up as I was saying, "And I'm Laidoff?". LOL !!! After he said I'm being transferred, I looked so sad. I didn't realize this until we ended the "Quick Connect" meeting. Another Thread on this Site is correct. Citi did the impossible.......made several employees hope or wish to get Laidoff. Yes, I'm actually hoping for a long vacation before I start my new job that I have lined up. I already have one foot out the door.
It's true about some SVPs in Risk getting the axe. I was surprised with who got the axe and who did not. I was transferred to a new group within Risk and was asked by the group head how I personally feel about the move. I thought to myself, what a ridiculous question because there's Not a Fvcken thing I can do about it anyway. Employees are just cogs on a wheel and tetris blocks to be moved around. We're treated as Non-human. I replied that it's irrelevant how I feel. And then there was the yadda yadda yadda BvllSh!t about development opportunities in the new group......both the Laidoff and survivors have been fed these lines before. i do Not believe it. I literally have one foot out the door. I'm giving this group and Citi a chance as I've been asked to do only until I submit my LOR and start my 30 day garden leave which is soon. So long Citititanic ! LOL!
@qsz+1rK29X6m: you are probably close to the lower end of the pay band, hence why you did not get a pay cut. I am sure that SVPs with higher pay will get a pay cut.
Am SVP and offered a VP position yesterday with the same pay. I want to know if I would be considered "laid off" if I don't accept the demotion...
I've heard of SVPs being offered VP with no directs and a pay cut. Can anyone confirm that this is happening?
SVP in Risk here. I am moving to a different team (same L0) and no one said a word about my title. I fully expect to keep C14/SVP, unless another shoe is about to fall.
Post ID: @umg+1rK29X6m: I am not sure the SVPs who lose their reports would keep the same comp. :P Citi is very bureaucratic place - and that is valid for comp.
@nkr+1rK29X6m, I personally don't consider going from a manager of a small team to an IC as a demotion while keeping your officer level, comp, etc. unless your a professional manager (lol). there are plenty of directors that have always been ICs. I worked with an SVP, had entire 7-person team shuffled to someone else, then they were promoted to director as an IC.
Post ID: @vpa+1rK29X6m: I am not saying SVP as whole will be eliminated. I am saying that SVPs with less than 3-4 reports are being "demoted" to IC - no more managerial responsibilities, their direct reports are being moved under the respective D. So effectively it is a demotion, regardless of whether they are being considered VP or SVP in their new capacity.
You're labeling it as "SVP roles", however the SVP officer level isn't going anywhere. If they're being offered a "demotion", it's because the existing role is unneeded for that level and they will be hiring for lower-level staff and employees let go on good terms are eligible to apply to open roles. This isn't a "demotion", it's you didn't have a job, but you can apply to this one scenario.
Source: am an SVP and have already aware of my new org structure, responsibilities, etc.
I think you are mis-interpreting what's going on with the restructure. SVP role is not going away. There needs to be a minimum of 6 reports for a D or MD. If you are an SVP , your employees are often taken to ensure your Director has the minimum required people. That's it. Don't read more into than that. Some SVPs are still keeping direct reports.
Interesting. The SVP I report to originally had 3 reports, myself included, and now they’ve moved 3 additional under him to meet the 6 person requirements.
oh wow so hogging reports from others and being a bad manager will get rewarded?
lol
utr+1rK29X6m: how many reports do you have? The SVPs I am talking about are with 3 reports and less. The ones with more are keeping their roles and reports.
Which part?
I’m in Risk department, I am a SVP and was told yesterday there will be no change in my role, will keep my direct reports.