What areas and based on what (ratings/tenure/$ salaries) will cuts happen in 26 as part of Janes final sol.
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CO had multiple rounds of layoffs in tech , almost 60% contractors reduced in Nov , Dec and next layoff is for Jan end .
In March, will there be another layoff round for FTEs or contractors ?
This CO roller coaster is cyclical. We get a consent order and Citi hires hundreds if not thousands of people to throw resources at it. Once the CO is released, what happens to all those employees? They are no longer needed. And every bank does this, not just Citi. So all the AML/KYC experts are competing with all the other AML/KYC experts from every other bank for a job that is no longer needed. Many Citi KYC people went to Wells and they are cutting worse than Citi. Out of the frying pan into the fire. In a flash you have become obsolete. But it was a good 10 year run. The same will happen with our current CO. Come March some more losses could be felt when our current CO settles down.
Many of those rolling off CO roles are not going to get seats..
All of them.
is it mostly the ops folks under the steinback umbrella like kyc etc or policy / gov too ? Bc they been mass hiring in the policy area they tell me . Crazy to then just do cuts.
Tough times for citi and employees.
@c4 understood, thanks. Appreciate you .
@c2 KYC makers, there's others but can't exactly say without giving away who I am
@ar what areas in FC? I have friends there itd a big dept, any particular teams that may be at higher risk?
@OP I Know of a few department in financial crime that are happening in March so probably other areas are the same.
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