Rumor has it Citigroup is very interested and would make sense as to why Ron was retained. Makes sense why all the layoff talk is happening after the 1st of the year.
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If this happens, I will close out my Investment account with Stifel.
@1pz Agree. Most larger companies outsource their help desk and many other support services and functions. Also, Citi has much more mature processes, hiring requirements, and automation around most areas compared to Stifel, so for anyone from Stifel able to survive cuts and layoffs from the merger, their skillset and abilities will fall under much more scrutiny with Citi than with Stifel.
@1kx The Service Desk’s pushing 50 people now, (along with that massive client services group) which is just way too big to manage efficiently. Honestly, once the Citi merger goes through, I’d be shocked if that whole group isn’t outsourced—same with App Dev, Payroll, HR, the multimedia/marketing team all of it.
When Citi buys Stifel, they’re not buying it for the IT support team or the people running payroll. They want the advisors, the clients, and the assets. Everything else becomes redundant. What’ll probably be left is a small core crew handling basic end-user support while the rest gets handed off to an MSP or an offshore team.
And if people working at Stifel for 10+ years didn't get a severance all the hourly employees will be treated like the dirt on the bottom of Rons shoe when the next waves of layoffs happen.
As someone who has worked at both, if Citi buys, I see many roles being cut. Citi doesn't clear for itself; they use Pershing. Many roles, such as operations and IT support, have been heavily outsourced overseas, while retaining a few employees onshore. Also, the Citi building in O'Fallon is very small in comparison. They rent a large % to MasterCard. Unless they move into the downtown building, I have a very hard time believing that most people would still have their jobs.
@15c working for Citi would be amazing. Hoping it happens and hoping we get to move to an office in St. Charles county.
Expect to see key executives (Ron, Jim) quietly transition with retention bonuses or golden parachutes. David will likely stay on in an advisory capacity to maintain “continuity” for investors.
No one will say the word sale until it’s already signed. But if you start seeing “non-essential travel freezes,” “vendor audits,” or “temporary role evaluations,” that’s your signal.
For now, keep your metrics strong, your documentation clean, and your resume updated.
Companies setting revenue records, hosting lavish all-hands in Las Vegas, and expanding their footprint through acquisitions don’t slash the very teams keeping operations afloat.
When you see a company buying others (increasing end-user demand) but reducing the workforce that supports them… or transitioning to a new ITSM platform while removing the person leading the implementation, that’s not “streamlining.” That’s a red flag.
These patterns often point to financial repositioning: leadership preparing the books for a potential sale or merger. After such deals, redundant roles like HR, front-line helpdesk and overlapping execs are often the first to go.
In those situations, the top brass tend to land softly with golden parachutes, while a few familiar names may linger on the board to “ensure continuity.”
The takeaway? If your company looks like it’s thriving but suddenly starts “realigning resources,” don’t assume the cuts are random. They’re not. They’re strategic.
Citi guy here, I have heard the same rumblings.
With any luck, this is true. I hear pay and benefits with Citi is much better.
Hope this is true. Citigroup is a better employer.