Seems some employers are doing layoff around the holidays for 10-15%. Seems like a pattern. Any idea ?
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Citi = poor leadership. enough said!
Citi is an old dinosaur. Going back to full in person 5 days a week is like people getting rid of their smartphones for landlines. Citi is failing because it lacks visionary leaders.
no official notification just the rumor mill on this board, someone claiming to have HR contacts.
seems illogical as key roles are occupied by remote workers - a former site president is remote as is a direct report to Whitaker. a carte blanche approach would be tactically absurd and self destructive. the net byproduct would by association imply the termination of the hybrid model - as they work remotely a few days per week, but perhaps the plan is site based full time rto - so ppl will be onsite but still on zoom as their teams are distributed
Have you received any communications regarding the 100% remote population being part of layoffs? We have heard rumors, but nothing concrete. Our site closed several years ago, so no local hybrid option. Very little option for internal postings as well due to most roles overseas and/or requesting hybrid and on location in the main sites. Agree that a lot of talent will be gone if it plays out that way.
It makes a lot of sense to do it over the holidays. So many people take time off then that a few missing will not be noticed for a while. Not much work gets done either so the workload increase on those remaining is negligible. The hammer comes down after the start of the year for the survivors.
We've actually had people DIE and nothing was said about it until someone asked 'where is so-and-so?' 'Oh, he passed away a few months ago'. And the company wonders why so many (most?) of us feel like just a number.
@1yvt, I think you right partially. Sometimes, they are, sometimes not. I think it's a mixed bag.
One company I worked for, the layoff letter said it was based on
- years of service.
- need for position in department.
- performance.
So could be a number of reasons that they never tell you.
the reorg is to placate shareholders due to the CEOs failure to address long standing deficiencies identified as early as 2014
it also serves as a vehicle to implement regressive policies based on control (not collaboration) focusing on in office / site based work - and the elimination of 100% remote positions
as a net result of these changes they will be losing some very skilled talent
LinkedIn is nothing but a platform for self-promotion. You can see who has low self-esteem and is thirsty for attention.
Imagine a microphone on an empty stage that is alongside any normal setting in society. The people posting on LinkedIn are running up to that microphone to make an announcement and beg for attention/validation.
Citi’s leadership lacks the vision to grow the business so they have decided to downsize to hide their incompetence. The board should have replaced them. Cutting jobs is not a sign of innovation, but a sign of failure. Why did Citi spend the last 3 years hiring like crazy to cut 10-15% of workers now.
Some companies cull the lowest rated 10% every year. It’s not that unusual