https://www.reuters.com/business/finance/citigroup-sees-headcount-dropping-20000-by-2026-2024-01-12/
So will this negative layoff environment continue for 2 more years?
If 20k layoffs by 2026, any idea the % next week vs next 2 years? For example, 15k next week then 5k over the next few years?
I know Citi is always hiring and laying off, but there was high hopes that after the next round of layoffs starting next week we could get back to some sense of normal for at least a little bit!
I feel like they need to actually plan around layoffs and who will take on the responsibilities. For all this talk of, "we need to simplify and change," since September no part of my job has been simplified or changed. I don't know if these conversations are happening at a higher level but I see no sense of urgency. It's same po-p different day around here.
So who are in the next pool of 5000 the week of 1/22? They said mostly “managers” but what level managers are they talking about?!
You can forget any raises or bonus’s for the next few years. Not to worry though, Jane and the CFO will still get theirs.
We were told this would be wrapped up in the first quarter. That's what is surprise to me.
Its pretty simple really. Either management knew that the layoffs would span for years and chose to lie about it to mitigate people leaving when its best for them, so much for ticking that VOE box of “Citi management is honest”
……or……
management was clueless about estimates and timeline, you know like the CFO’s estimate, and now has to readjust, so much for ticking that VOE box of “I trust the direction of Citi management”.
Having worked in finance and seen massive layoffs, this is usually the case. It is never over after a quarter. Unfortunately, it does go on for years and years. It's what happens with big layoffs. No one should ever have their guard down.
Whatever happened to we want this all done by end of first quarter? They said they didn’t want to drag us along. Bad leadership for sure
This is the best for morale.
Just don't understand how management decided to use this language. Sounds like 2 years of pain.
I have to say: 10% is what I was expecting, but I’m surprised they are not cutting a bit more aggressively. certain areas, like HR, seem ridiculously overstaffed.
Translation in plain English: Citi will be firing workers monthly until 2026 and beyond. Citi will become a sweatshop. Workers donot matter. AI will replace thousands of workers. Functions meaning HR, payroll, billing, technology will be sent overseas or automated as much as AI improves. The old Citi is no more.
They said they are anticipating $700,000,000 to $1,000,000,000 in severance costs this year.
If you assume $750M, that should be more than enough to cover at least 10,000 layoffs in 2024.
I think that they are reserving the right to do the bulk of the layoffs over the next few months, and then do a couple thousand per quarter into 2026.
Most likely as the company shores up their finances, making up for the loss of $, they will lay off as the cash comes in. They ran out of $ so they have to put it on hold for a while.
Why would they announce 15-20k now for 2026 layoff. The impact of layoff and reorganization will be there till 2026. I doubt people will join/rejoin to Citi. The bad work culture of Citi is exposed now. The work is going to be more scrutinized and expecting more technical without Consultants/Contractors. VP's and SVP's will be expected to code and handson. The transformation is going to be a slow process till 2026.
From how I read it, it seems 5k between the cuts so far and through next week (mostly managers). Another 15-20k over the next several years. I do also think some of the medium term cuts will be natural from a lack of backfilling departures.