Is this true? With 250k employees that's about 15%.
How many in the US ?
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I hear 40k as well. Hopefully, it's much lower than that, job market is brutal;
they will use the ole ‘site based strategy’ alignment to do away with remote work
On Jane's townhall, she mentioned they were not targeting numbers.
15% is often mis-understood. below is statement from Citi's investor relations website which says 15% reduction of functional roles in specific layers. Not company as whole.
The trim down was on top layer. But it will happen in Middle and Lower ground too.
Not sure if it is 15%. But each team is asked to cut down a few % of employees.
The politics can happen on either side if you are new or very old in Citi, you are vulnerable.
Org Simplification:
- Announced the most significant organizational and
management changes in two decades
- Optimized the top 2 management layers resulting in a
reduction of ~15% of functional roles in those layers
- Targeting a reduction of layers from 13 to 8
- Elimination of ~60 net committees or 13% in Phase 1
Jane never said that. No one said it would be “the biggest layoff in 20 yrs.” What she said was that it would be the biggest restructuring of Citi in 20 yrs. People are misinterpreting, misrepresenting, and freaking out. Stop.
Restructuring is what is happening with orgs being merged, layers being cut, regions combined into “international.” Yrs there will be layoffs from that, but no one has said it will be huge numbers. No one has said any numbers at all. It’s not 2008. This is not that.
That number sounds credible. Jane said it would be the biggest layoff in 20 years. Execs already know a number because that is how downsizings are done. They will use the current world events to justify cutting more workers.
Where did you hear this number?