You do realize there's a hiring freeze, do you?? People Managers have been told Not to fill or replace open jobs of employees who quit. Also several open requisitions have been pulled since Fall 2022, removed from the Citi Careers website. Any open reqs posted or survived scrutiny went through a tough grilling process about why the job is needed for the group/team or manager - my C16 told me this. There are open Citi jobs posted out there but All companies are hiring at a slower pace or have fewer job openings. This is most likely how Citi will arrive at its magic number of 180,000 employees it wants to keep by the year 2026, unless of course Citi is merged/eaten up by another financial institution. As someone here said, the 15,000 employees After this year's 5,000 layoffs may come from natural attrition (or maybe Not). Assuming Citi started the year 2023 with 250,000 employees and laidoff 10,000 in 2023, then plans to layoff 5,000 to 10,000 in 2024, and also spinoff in an IPO Banamex business that has 40,000 employees, that leaves 190,000 employees. The other 10,000+ may come from natural attrition.
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Correct. It’s just about 2 percent
People who are laid off are often rehired in a different role. Or come back to Citi at a later date. It’s not bs.
And it’s not going to be that big a deal for the vast majority, though it will su-k for those let go. ( though you’ll get WARN pay, plus severance, plus unemployment)
5k at most this quarter ( maybe most of those this coming week) globally.
Ok people. Cut it out trying to make it sound like things are not so bad and such. No one is stupid on here. All of these "I'm so happy here" and "Nothing's is going to happen with layoff people are getting promoted an hired" or "It's all smoke and mirrors" threads are fake and useless.
Have seen several people rejoining just 2-3 months after getting laid-off and after enjoying their paid vacation and sometimes even a higher position.
Most people rejoin
Yup. Been saying this since they announced the restructuring. Big changes as far as how Citi is structured does not translate to huge layoff #s. Fear mongering on these anon boards have spiraled it out of control. Even if 5k are let go globally tomorrow, unless it’s your team, you won’t even notice. 7k were let go in March, barely a ripple
I was honestly expecting more ppl to be let go this quarter.
Wait and see
Dear HR, nice try! It's not all smoke and mirrors.
100% agree.
The numbers announced are over 2 years, so even at 4-5% arbitration rate not really a big one. Heard of so many promotions in different groups and areas and hiring still going on.