We got a date folks, March 28th is when the new org chart and announcements go out. Lay offs happening and those impacted have been informed. Talking points will be sent to managera for those impacted, those sent to other organizations and made ICs from managers. Not going to be pretty. Get ready and good luck to all.
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Public filings will Not be available until the earliest late May 2024 about Q1.
HR is holding communications training sessions for people managers who will continue to be people manager post this round of restructuring. All terminations, role changes, reporting changes, etc. are expected to be communicated to the impacted individuals next week with Org charts to be published on March 28th-29th.
So now this info is no more limited to C16s/MDs/EMTs and at least all C15s and C14s who aren’t being exited know this.
Most likely we will have to wait for Citi’s public filings to know how many total were terminated in Q1 of 2024.
The OP is right. There will be a mix of demotions, shuffling, merging, announcements of layoffs already notified AND newly informed layoffs.
Anyone know the last work day for those that are notified of lay off?
Thank you OP! What you said is all true. Started happening in my group. Final org structure will be published next week. Many colleagues are reassigned or change to IC. But no layoff yet
Thank you OP for your honesty.
OP here, I admit my grammar and spelling was of, get over it. Am typing on my phone. We all know there are useless md's here in citi, heck you may say am one but who cares, does it really matter at the of the day, no. Am just one that gives a damn, but don't you worry this is my last update then I'll shut up. Lots going on behind the scenes. As am emt 2 who has to lay people of this week and next and tell people their roles are changing either be it demotion to IC, or moved else where. All managers got files of people to be laid off, moved, demoted and all that this week and trainings are currently underway for managers to handle the situation and given scripts by hr and no one is to deviate from it. So you get a call schedule by your manager either old or new. That will happen Monday next week into Wednesday for Nam and latam started on 20th or day earlier. Emea next week. We all know jane said end of q1, but that's bs and will continue. Only 5k give or take will happen by next week. With all this massive impacts and change citi will fail and perhaps jane leaves in 2025. Other areas have communicated these changes, and other again next week. If you decline your role change, the next meeting you get is your dismissal effective immediately with no severance. 500 plus manager are attending these calls set by hr to discuss these items. Haven't had time to respond due to all the calls my EA has scheduled for people affected but did see comments and wanted to response one last time. In all honesty everyone is looking to job ship and I don't blame no one. We all want this cr-p to be over with. I've been berated by people am letting go all this week and I empathize but not going to deal with these online trolls who don't have squar information. End of q3 and q4 will have other major changes and people moves around again. This whole process has been a mess since Sept last year and now they are rushing. Bcg is cr-p, they have limited access to org builder for managers involved, Renault access for many have be removed and they have stopped travel. Mid April will come changes in global directory no set date. If lucky to be laid off and saved take the severance and go and don't look back, if still here, hang in there and look else where and job ship. Many are also retiring. Going to stop posting because hr and legal monitors these forums and I like my paychecks. Only thing am here for these days as citi is not the same place I join many years ago. Good luck to all, I'll shut up now.
All impacted members - who will lose job or who will have change of manager or who will be be converted from people manger, will be informed by March 25th and updated org chart is expected to be published on March 29th.
Can’t say about other teams but in my team (part of USPB Tech org), members identified for exit are bottom ranked by performance. Still it hurts because job termination is never easy. Wishing all the best to everyone!
I’m not sure as to how this is news. We were told by end of Q1 we’d be done, right? So a tough message delivered on the 28th falls into that time frame, no?
Don't you guys love those managers that promised in mid 2023 that there will be no layoffs? I bet that 20k jobs that they plan to cut now will not be enough.
@1jlm+1rD2DVSi Like how does this help with cost saving right now unless demoting is tied to cost saving over time or something. Will get less raises and bonuses now moving forward now that they don't manage others? Or is this a paperwork exercise to look good for regulatory folks?
OP is correct. Managers have been informed that they will be moved to IC or else they can take redundancy due to significant role change. Know this as it happened to my manager.
its going to be worse.
Share the facts…if you don’t know don’t write anything here. Only reason most of us are here is because no one communicates with us at work and we thought this would be a place someone anonymously would say the fact. Don’t guess dates like end of the month which we knew that since September last year. Please folks..just share the facts, no guessing just to make you sound good. We want facts only. Appreciate it.
PIP is the subject of another thread. Please post there and limit this thread to discussions of real layoffs/notices.
Simply means you won't be paid severance or able to file unemployment. If on pip and laid off, your status will be due to performance or some other bs aka for cause. Would be like you were fired/terminated and they don't have to pay squat. If it happens go get an attorney to help and sue citi like many others. They have many lawsuits underway.
What does being on a PIP have to do with severance pay? I understand that you can be terminated, but does that also mean if I am on a PIP and part of the layoff, I would not be eligible for severance because of being on the PIP at the time?
What were they notified of? That they no longer (have to) manage people? Big deal. If they don't get demoted (true change in title) or face reduced salary, this is a non-issue.
Svp with reports in risk were notified.
He said they had been informed, which was a non-English way of saying that they will be informed. (As if we didn't know that the people who are going to be laid off will be informed that they will be laid off. Seriously?)
You said those impacted have been informed? Is that true?
Just said the truth.
27th & 28th
Meeting invites will happen morning of 27th
Right before good Friday....
Nice job ShitiBank
Hello, I see the most useless high paid demoted SVP from Manager to IC are still happy in office to harass his old team as his duty not changed. Only change will be in directory in some future day. Not able to do hand on work but good at control ( take credit) of VP IC who have been hand on for decades
Guys, please show some appreciation to the OP. He/she was kind of enough to share the information that would not be available to you otherwise. And stop complaining about his/her English.
OP: You are not informing anyone of anything. All you are saying (in broken English) is that a lot of people are going to get laid off between now and March 28. I think we kind of figured that.
We heard from a number of people a week ago that it would be the 21st or 22nd, but possibly as early as the 18th. Now, some of those same people are saying the 28th. The last workday of March is March 29, so we kind of figured that everything had to happen by then.
Do you of any in Op/controls/risk people in Fl?
how does an MD that can’t write english even happen?
Heard Risk is heavily impacted at all levels and orgs.
OP here, first time posting so not sure where you say I post nonsense and it's not true. Am an MD that actually wished I was let go and paid severance and be gone from this sh-t hole place. Just like many of you, culturenhas tanked and will be looking else where. Riddle me this since you have all the information, why is hr placing calendar invites to senior management, from emt 1 to 4 to discuss talking points, why is it that many impacted are getting calls or zooms from their managers this week into next, 27th/28th are announcements from emt 1 and 2 and new org charts are sent out. Tell me why senior md lay of people in my team and not informing us. Why are people being demoted to IC, why is all emt getting a pay cut and not Jane. Please stop with the bs, you should be happy someone if informing people to some degree. I have to let go 100 people this week into next week tuesday and communicate changes before org charts go out. Have a seat if you are not going to be useful to some degree. Many can confirm people left and right are being moved or asked to leave. Whole orgs are being wiped out people placed on pips to not be paid severance. People are looking to leave, tough conversations are happening in all orgs.
Which depts in Risk Mgmt?
How did aml in tamp fare???
It did start today - 3 resources (VPs) of my team were let go (risk management)
I've also heard from senior management in O&T that this is the case, 27th/28th March new org chart announced.
Fake information from someone who routinely posts nonsense on here.
"Lay offs happening and those impacted have been informed."
This means that anyone who is losing their job has been notified already. Completely not true.
[citation needed]
Citi is a toxic place to work. I cannot imagine workers are happy. Managers treat us like criminal convicts. Citi went from pretending to be a worker friendly company offering life work balance to a sweat shop factory mentality. All in 6 months. I will be looking to leave Citi as soon as I find another job.