I have had some say yhey don't think they'll be affected. Some have even believed it was over and done with. Some are only concerned about keeping their hybrid schedule.
I think when you've been at a company for such a long time, you believe it can happen to everyone except you.
I'm really surprised at how much denial folks are in. Of course, worrying and obsessing about it doesn't help, either.
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After 21 years I was laid off in March. Was told my position was being discontinued. It actually was given to a young kid just hired I trained recently. 2 years from retirement. Not the way I wanted to end a successful 21 career in Marketing with Citi. That was the beginning of what’s next. I have a state plan for medical since Citis was too expensive. $800 a
Month for cobra and Retirement medical was $1200 for just me.
To the people that are near retirement. I was laid off in January and I am 58 years old. I looked into citis retirement. The price for medical is more than cobra for me. Anyway, no reason to go that route. I was very surprised how expensive it was
I don’t think that people are unconcerned but rather numb to it or came to the realization that there is nothing they can do about it either way.
I’m less than 5 yrs from retiring myself. Citi does have a retiree health insurance plan for those not old enough for Medicare yet. Not sure what it costs though. ( you have to have certain # of year at Citi combined with age)
I am only concerned with not having benefits as I am a couple of years from wanting to retire. I wish Citi would offer voluntary, but I understand why they do not. Too many might leave from necessary areas.
Maybe some people are in denial or want it to appear as if they are not bothered by the upcoming layoffs and changes. I doubt people are there true authentic selves at work especially at the present time.
CEO said they weren't targeting a number.
It’s like layoff po-n at this point. Guessing 30% gone or 40k gone. Stop already. You have zero idea and just getting off on fear mongering.
My guess is about 40,000 will be let go. Any less would not be worth the pain.
Maybe 10-15%. With majority in the regions. 30% is crazy. That would be significantly more than the 50k laid off in 2008 at the height of the financial crises when we got bailed out.
Think about how much money that would cost (to layoff 30% of the firm). Severance packages are not cheap
So far the layoff has been handled poorly. It shows that those at the top live in a bubble with little connection to the workers. The fact that the announcement was so vague it shows that there is no plan except some high level idea. It is not possible to review/reorg every job in 3 months. Using common sense 10-30% of jobs could be at risk.
I don’t know that I’m 100% safe, but def good odds. Our group had layoffs this year already and we’re not in the areas being most targeted. So possible, but unlikely ( according to our Director and MD). If we do have layoffs, it will be part of fine tuning, not the major restructuring.
Yea some people think they are safe. I do think it's a 50/50 for everyone.
But I have heard some people say their ready for it, as their door with Citi
Also, people who have been at Citi a long time are more accustomed to rounds of layoffs, have been thru many reorgs, know how to interpret what’s being announced, know how to read between the lines. So they roll with it better than newer employees.
There are some groups more likely to be impacted then others. So some folks should feel safer, they probably aren’t in the line of fire. Majority of layoffs should be in the regions, or in specific groups that are pretty obvious if you see where Citi is collapsing layers.
It’s a huge restructuring so not saying that anyone can guarantee safety, but odds are better in some areas than others.
I think there are many wealthy employees as well, who won't miss a mortgage payment, etc. if they lose their job, so they aren't that worried about it.
There isn't much point in worrying about it. No one is hiring anyway until January. Take your severance, enjoy the holidays, and deal with it in 2024.