Expected Changes

With https://finance.yahoo.com/news/citigroup-report-780-million-restructuring-214823471.html
Just a brainstorm of what to expect in coming days :

More contractors to go
More new joiners to go - minimal severance pays
More low profiles to go - QA, infra guys get ready
Low ratings to go
Closing of many projects and divisions. Mainly cost centers

Projects will be limited in money for upcoming years.
Managers, please note that you can't play politics by saving your favorites than best performers/talents. You will be screwed in upcoming tide.
No more growth for next 4 years to come. Stabilization is the key.

Projects to be shifted to low cost centers like India / China.
High cost centers will be scrutinized for only top level executives. No more SVP's and Directors
Infra cost has to be shrunk down.

Any inputs ??

The only question remains is how Citi is going to pay "Severance Pays". I think its going to layoff in batches for each quarter and will also tempt people to move by themselves.

Comment! It's anonymous!

3 replies (most recent on top)

Contractor layoffs at Citi are the equivalent rounding up the beggars and thieves for the Gladiator Games in Ancient Rome. It happens all the time. This next round, if we go with a Roman analogy, will be the equivalent of legion decimation. They don’t care your pedigree, rank, or station in life. I’m surprised they didn’t call it Citimation.

"Managers, please note that you can't play politics by saving your favorites than best performers/talents."

What about managers already giving their favorites higher than deserved ratings.

Been hearing that contractors are getting cut across the board, this has already begun

Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Expected Changes

3 replies (most recent on top)

Post a reply