Article: Citigroup's curious restructuring: "Chairs moved around"
https://www.efinancialcareers.com/news/2023/11/citigroup-restructuring
So the CEO's still just moving these higher ups around? I know some people are leaving on their own too. However, this article makes a great point about if the purpose of restructuring is supposed to cut cots, it doesn't seem to be doing so.
Why promote 300+ to MDs at the beginning of this year and end up laying off around the same amount EOY?
They are getting rid of the rest of the MDs in December and Directors and SVPs in January 3 days before bonus is announced. Jane's plan is hire her old firm McKinsey and be overmatched. Oh and they can't take as much risk on trade desks because they had their RWA calc wrong. That should be in their 10k
You are reacting too quickly. It is still the first round of musical chair. Eventually a good number of MDs will go and lower ranks will also be eliminated. That is given.
These folks will all be in Bora Bora together. It is the lower level employees who will make up the expense savings.