Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Most employees look at and rely on the Global Directory to see who got Laid-Off. The Global Directory is unreliable since employees can still exist there up to 60 days after they were Laid-Off because the Employees are still on Payroll and the Employer needs to continue deducting money for Medical Insurance and Retirement Accounts. You need to look at MS Outlook and MS Teams. When you're getting emails bounced back or with "Mailbox is Full" messages, most likely those Employees were terminated. MS Outlook and MS Teams are connected because they're Microsoft products. The terminated Employees will also show on MS Teams as "Location or Status Unknown".

One of the comments in the NYPost about Jane Fraser's Q4 release was, "Used to be called layoffs, then "right-sizing" and now we got unlocking value and eliminating complexity. Translation...firing a lot of @ss." So true.

Love that the media gets info before employees. Have to ensure the optics and the "Transparency" shine through for those shareholders and the public. Meanwhile.....the p-e-on employees are given minimal information, huge "wait" timeframes to know their fate, severe anxiety, and a load of BS from all of our "leaders". Oh well if employees are "uncomfortable" so long as those millions keep rolling into their bank accounts!

Which team are you from?

Our team was told layoffs will begin next week and go through the 1st part of next year.

We're not in Kansas anymore. Something odd with the current strategy. Usually companies make big restructuring announcements to distract or as a last resort. Read somewhere that some functions going offshore to India.

Know it alls with no big picture vision are annoying.

Jane is useless and her strategy is worthless. She should resign.

1. She hired lot of people in past 2 years - Infact these people are not yet onboarded completely because of redtape in organization.
2. In the name of women's empowerment, she promoted lots of women candidates who are not fit for that position.
3. The really stuff candidates are not promoted and are waiting for severence pay
4. This layoff is going to increase the "redtape" as "people try to save their friends and families"
5. Most projects are hanging without completion
6. Still a vendor and consultant rich company

So what is really required ?

1. A real good Data strategy. Citi's data are not properly organized.
2. Lots of approvals and flow are still manual even after consent order . So the program is just an eye wash. if government and regulatory scrutinize, Citi still has to pay hefty fine.
3. Layoff all Consultants and Vendor's and make VP's, SVP's and Director's to be Hands-on in Technology and Business. Focus on really good architects for each project
4. Focus on Customer centric project's. Improve customer experience. Till you don't satisfy them you won't get business you will still steer down hill.
5. Business analyst, senior manager's who focus on too much documentation to be removed. A Direct Business to Tech relationship should be maintained.

Oh boy. She said ‘Don’t have room for bystanders’. This shows that they have no real plan except using scare tactics. They will cut a significant number of jobs. She said again that this is the biggest reorg/cut in 20 years. At this point it could be 10-30%, but more like 20% cuts.

She basically said a whole lot of nothing

It was shaky until said “Get off the train”

ROFL you crazy? Lol she’ll give the total layoff numbers. Ppl r getting let go / fired every week. So maybe cumulative count haha.

She’ll report on how many have been let go because by 4th quarter earnings, the majority of layoffs will be done.

So everyone is safe till Q1 2024

Didn’t notice that but ….q4 release? After everyone already received their notice? Lol

Is it me or does her voice sound shaky and unsure. Hold on for dear life boys and girls. This is going to be a massive hit to jobs.