That would not surprise me seeing how this company is run. I'm wondering if the cut people would get both the annual bonus AND the separation package.
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For the benefit of others, there is virtually no chance that next week's earnings announcement will NOT include specifics of headcount reduction. Is it possible that they are still fine-tuning a few names here and there and who will stay on for how long (e.g., notified in mid-Jan but they remain employed until end-March)? Of course. But there is 0 chance that Jane will not mention details of the reduction at that time -- it would be seen by the markets as a bad sign.
From what I’ve heard, EMT-3 is everyone else. So D and below. I think I heard that via a town hall but it was a few weeks ago.
I am the OP.
If you all went to the town halls given by your business leads, you would know that EMT -2 was released in very methodical way for the entire firm, at the same time. EMT -3 is next, and from what I have heard, those announcements are not coming until mid Feb. Soon after that everyone will know whether or not they have a spot. All of this will be done by end of Q1. So this means several more weeks of uncertainty.
You all talk a lot of nonsense. This forum is a way to share info and that is what I am doing. You can hiss and make your d-mb comments all you want.
Cut this group and that group but not this one. Uh…wait a minute, bring these two guys back from that group and move to others over here but let the rest go. Let this one manager go and merge these 3 teams….wait….no….um…forget that. Move them here but not here, yeah that’s it. Wait no…um…etc….
Its all a reflection of panic time. Jane is on the hook to turn things around sooner rather than later. So the challenge is to trim things down except for what you need for the future. In order to know what you need for the future, you have to have a plan….AND THIS IS WHERE THINGS GO WRONG……she has no plan. She’s just hoping that the layoff fixes things. There is no master plan but just more of the same ole same ole.
To OP if you are hearing this then what announcements will be made at this stage? If you weren’t making up blind lies you would provide more information.
No chance they can wait another 6 weeks before the next announcements when this whole restructure is to be totally completed within 12 weeks. (End of Q1)
We are four months in and all we have heard is about 200 MDs being let go so they could do with getting a major move on.
What is the purpose for keeping 240000 workers wondering every day if they will have a job in a week. Citi is treating workers like they don’t matter. I have never seen a worse handling of a reorg/ downsizing.
EMT -3 is what is coming next.
I would ask if you could be more specific, but there is probably no point.
How often do you hear these voices ?