This last-minute earnings announcement/update is not good news, folks. Billions in extra expenses as we prepare for bonuses to be announced.
I guess we’ll know soon enough, but I wonder if this $780M restructuring expense number is in addition to what was previously announced or just the updated figure. Either way, if it was to cover people laid off in Q4, it sounds unbelievably high.
Most people will be rated as 3's, raises will be between 1-2.5%, and bonuses will be very small.
This is the information we were told in our team meeting yesterday.
@gfq+1qwi8PPv
From the article, it’s additional cost for q4 alone, not accumulated figure for upto end of q4
Stated otherwise:
Citi will pay people who are leaving, rather than pay people who are staying. =}
How about Jane forfeiting her boosted raise in pay first.
Post ID: @lds+1qwi8PPv: It is not additional, it is the cost. Apparently the bozo CFO estimated it to be couple of hundred of millions only earlier on December, but now it is 780mil.
On a separate note - it is normal to have such high coats, I have never seen such a company before. Most of the people I work with have been with Citi for decades, ridiculous really. And one of them told me they stay there only for the severance 😀
Looks like 780m is additional cost
https://www.cnbc.com/2024/01/10/citigroup-risk-quarterly-loss-after-disclosing-charges.html
It’s difficult to make sense of the numbers, but it seems like Mark Mason said in early Dec that the restructuring costs for 4Q would be a few hundred million, and on Friday, he/Jane will have to answer how that blossomed to $780M. It’s a bit weird, but maybe they booked the charges now for 1Q layoffs? Not sure.
Wonder if their still going to pay bonuses and raises.
Jane said a few months ago within one of town halls that bonuses will be paid. But with those earnings let's see. It's not looking good.
$780M is an updated numbet
From CNBC: “Citigroup disclosed Wednesday that it needed to build reserves by $1.3 billion because of its exposure to Argentina and Russia, and that it would post a $1.7 billion expense for a special FDIC assessment tied to the 2023 regional bank failures.”