Who do you think in corporate banking will be affected in Jan? C16 to C11s. Bankers or Support Bankers
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What do you mean by Risk? Is it GFT Global Risk and Controls Technology?
Risk is going to be hit pretty hard from what I am hearing. Svps in particular
@1yyg+1qgV9AYj, true. Seen people who joined as VP a year or two ago were instantly promoted to SVP. Multiple SVPs reporting to SVP.
Lots of redundant PMOs(Transformation, change management, function, delivery, organization) who are extremely bureaucratic in their own way. Not sure how Citi can be efficient without trimming these groups.
Many projects were cancelled so technology will be impacted due to lack of work for 2024.
Citi should modify their vision statement to:
We only care about stock price and executive bonus
We take customers for granted
Our employees are replaceable
There are some managers I believe who have accepted the layoff package but its not been announced yet. You don’t see them, they’ve dropped from meetings, they’ve stopped coming into the office. Every now and then they show up on a zoom unshaven to deliver a ‘feel good’ message about where we are going and to not panic and leave for another job. They have to though, they have to tow the company line in order to continue to receive the severance payout.
Which PMOs were promoted? So much waste there.
Citi promoted several PMOs to MD. Another Citi Genius Move! The quality and job function of the PMOs are so mediocre at best and nebulous they would Not be hired at Goldman, JPMC, Morgan, BofA etc.. But yet the PMOs have extremely high self-esteem and are self-aggrandizing. What a Sh!tShow Circus!
@1hjq+1qgV9AYj, Multiple PMO will be trimmed to remove redundancy
Managers were asked to provide ranking lists to directors. Some managers may be fired too.
Nobody is talking. Productivity is zero because of the layoffs. Next 2 weeks will be stressful.
What about Capital Transformation PMOs?
Tech and Ops
Risk is going to be affected a lot
Nice, retail… just like Walmart