Trimming 15% is huge. But How? Matters a lot. Is it back to be same red taped organization or a completely reshuffled reshaped one. The second one is harder and requires guts and money. The first is quick and easy but no gains.
The problem is the management has sowed the seeds of fear in employe minds. Either this can help them as hidden slavery or lose most of employees. Even the good and best might leave as there is no proper directions.
People are losing confidence every day and I see more resume editing and interview conversations happening around office premises. Even if you are saved in this layoff there is no certainty of survival or growth in near future. Company will show layoffs and reduce bonuses. GoK
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You’ve got the timing all wrong. Those laid off, say in March when they did 5k or so, had two weeks notice. They were working those 2 weeks. The “non -working” period was the WARN requirement. 60 or 90 days depending on the state. The 90 days is paid, full benefits, just no access, not working. Then severence kicked in, 2 pay per year at Citi.
As someone else here said it's Not just reorg/reshuffling. People are really getting laid off. 7000 so far this year and CFO said that number wasn't included in September's announcement. I personally know several people who got laid-off in August and September and even going back to 1Q. What I also noticed is Citi does it mid-month, cuts off the employees' Outlook and Teams access, so that the employee is on what's called a Non-working status for the remaining two weeks and is still on payroll. For example, fired August 15, then starting September 1 officially disappears in Teams, Outlook and maybe even the Global Directory although in the GD you can exist for up to 60 days. Same thing happened in March. Gone by April.
To the person who mentioned "woke" WTH does that mean ?!
Citi has always layed folks off. Such as all Banks.. It is the Business..Jane and Leadership has done this quite sloppy and created a bit or paranoia. The company is Top Heavy with so many C16 C15..list goes on.
We will see how it plays out.
But Leadership will maintain being employed as there was reshuffling no lost of employment
Citi senior leadership have failed by all measures, hence, that's why you see Citi is way behind its competitors. Employees, investors and the board need to demand change at the top. Remove the outdated and rotten leadership and replace them with new generation of leadership!
As some one mentioned in the forum, a heavy mental stress for everyone. Jane should face the heat. Need to sue her.
I don’t think its anything evil or personal. Its a reflection of mismanagement.
We got all “woke” and hired a bunch of people and made sure they were seen by the public, nope, the stock price stayed the same. Let’s give Jane a raise, nope stock price in comparison to our banking peers remains rather sad so that didn’t make a difference either. No more other tools in the tool box, the last one is a layoff. The words reshuffle or reorg sounds so much better as it insinuates “a plan”. At its core the CEO needs to do something, she just doesn’t know what, so she leverages the last tool in the box, a layoff.
Yes, she’s been with Citi for a very long time as a major stakeholder and decision maker. Many decisions might I add was either directly or indirectly the root cause of where we are today. Now, as a result of her leadership and decisions of the past, she has made the decision to let people go as a very broad smile crosses her face knowing that she’s well protected, safe and sound from it all still enjoying the fruits of her labor of a job well done.
I don't think this is just reorg/reshuffling. People are really getting laid off. 7000 so far this year and CFO said that number wasn't included in September's announcement.
Yeah the Friday to Monday was way more stressful. It’s was a group of about 300 who knew for sure a bunch were being cut on Monday.
This is just reorg./restructruring. Most groups aren’t impacted, they pretty much spelled out which ones will be most impacted. It’s not 2008 or anything
There is a huge difference btw Fri-Monday and September-January
Is this your first round of layoffs? First Reorg? Been thru so many of these including 50k in 2008. And my team most recently got hit in March. One particularly fun one was when they told us on a Friday that we’d find out if we have a job in meetings on Monday, made for a stress- free weekend. I just can’t worry about this stuff anymore.
I agree with OP. What's happening is totally sloppy. They are using the mean catch phrases and intimidation which is bad form. Whatever respect I had for my manager, director and higher ups has dwindled away with all the townhalls, meeting, 1:1s, questions, etc. Ofc they are chatting everyone up to figure out who stays or leaves. I am done caring about what I cannot control. How were 2,000 people laidoff in Q3 so quietly and why more layoffs in Nov.?