Another big one is coming?
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The US reg regime won't change much - Citi still has to operate in like 100 jurisdictions and they're not all going to deregulate... Also I do find it hilarious that someone posts "LAyOfFs?1?1?1!" every few days with zero information and then a year later when there are layoffs (just like there are EVERY YEAR in banking) everyone thinks the original poster is Nostradamus.
Keep seeing posts about re-leveling. Has this actually happened? Where does this information come from? I haven't seen it in any capacity.
The re-leveling is happening with hopes of triggering attrition, so that Citi does not have to pay severance for layoffs.
So wait to be laid off and collect your severance package to compensate for the reduction in salary. It’s a win win.
Reductions in pay for many. Everyone will have their fingers crossed that it does not happen to them. If\when it does happen, they will still sit on the edge of their seat with fingers crossed in hopes that after enough people leave, the pay will return to what it was over time for which it will not.
Meanwhile management has already been given a playbook to operate off of consisting of shortened deadlines, stern reminders of “you need this job…..no one out there is hiring….do more with less” and various other intimidation stressful tactics to run people off. Those managers out there that excel in bully tactics will ramp up antics. These managers will be revered on some level as company hero's helping trim down on the staffing numbers. Several I’m sure will be mentioned and awarded for making “the vision” come true.
https://sherwood.news/business/citi-cant-risk-laying-more-people-off-so-it-will-cut-pay-and-scrap/
I think it's highly dependent on what happens with the incoming administration. If they actually get rid of the CFPB; I would imagine we would take a hatchet to risk. Its become overly bloated. Otherwise I would expect more unfilled positions vs formal layoffs. That and I believe we'll continue to shed non-core functions.
I’ve heard managers say that its all over with, we are done. However, there will be some layoffs here and there but Citi always lays off some here and there every year.
So what’s better, one massive layoff or dozens of smaller layoffs with both equaling the same number of people?
that’s what she said