I think it’s most irritating they could not begin it any sooner, and do we take “medium term” to mean the trimming will go on until March 31…for years to come?
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The 22nd makes sense. Managers were required to complete year end reviews by 1/12 and compensation notifications this coming week....then poof....gone.
You get what you pay for. If you want contractor work, then so be it. Good luck with that skippy.
One of upper managements main goals is to outsource over 65% of Citigroups work before 2026. 2024 sourcing is on a mission to onboard numerous third-party offshore suppliers / vendors. This guy left Citi and returned a few years ago and should have stayed gone. This is where most of the North America work will be moving
Citi has spent billions on unnecessary site remodels. Like the one happening now at their Las Colinas site. They have remodeled the 3rd floor at least 5 times in the past 12 years. They have major site capacity issues and have to cut 1,500 of their 5,000 employees tagged to that site in order to get everyone to return to the office 3-4 days per week which is a major goal
managers mean people managers.
they are gone
njk+1qx324jT - offshore plus I see recent postings are either in TX or Florida
“managers” is probably a way of saying mid-level or more senior positions — not necessarily people managers
Layoffs have been occurring since at least starting in January 2023 if not starting in 4Q 2022. I know some of the people who were Laidoff starting in 1Q2023. This means out of approximately 250,000 since Citi began firing employees in Jan. 2023, Citi plans to fire a total of 30,000 employees or possibly more, bringing down the headcount TO about 220,000. That's 12% of the population, again possibly higher. This approximation is in line with the estimates of some of the Posters on this Site who said 10% to 15%.
On the week of Jan 22 is it just the next layer being announced or will that layers management team also then be announced? It seems we are so far behind here if they still hope to have this finished by end of March.
So far all that’s been announced is EMT +2 which is crazy. Only 200 MDs gone yet 25,000 going to be let go? This next 10 weeks seem impossible with the pace they have moved at so far.
Layoff announcements will be next week so the week of the 22nd she makes the announcements of the new layers.
The reorganization "will" result... Does she mean that the 5000 roles are already eliminated or is the 5000 reduction not complete yet? Also, does anyone have any idea if the 4th quarter reorganization charges (in the Q4 results) cover the cost of employees already laid off? Or is it the cost of all layoffs planned until March?
The reason it’s the week of the 22nd is because by then most managers will have met their deliverables.
I gotta feeling they are just going to move everything off shore.
I am bad at reading between the lines
Is it 5000 + 15000 or
5000 + 20000
@dxc+1qx324jT
Yes, that is what the text seems to indicate.
Do they mean 5000 managers (people manager); 20000 non managerial ( Individual contributors).
Does 20000 also include contractors, consultants?
Should be D and SVPs
Who are Managers? MD/Director/SVP/VPs?
You guys cannot read, it's 25000 total, not 15000.
My guess is when she said "medium term" she's probably referring to more transformation positions being eliminated in phases over the next few years. We hired a lot of people to get us through transformation. While much of that design work is complete, some of those people will be let go now. The others will be phased out as we approach 2026. Again, just my opinion.
Where are the other 15,000 job eliminations coming from?
The financial benefits are not what’s driving ?
Seriously :-)
Hahah I bet managers are sweating! Hahahah