“ Citi people who survive this week might be tempted to breathe a sigh of relief. However, this could be premature. This is just the end of phase one. Citi said in January that it plans to cut 5,000 jobs from the managerial delayering, 5,000 from selling businesses, and 10,000 from cutting headcount in support functions like technology and operations. The bulk of the cuts are therefore still to come. ”
So essentially layoffs won’t end until 2026. Why did Jane say it would be over by Thursday?
This is phase 4 of the first round of layoffs.
There’s no telling when the second round of layoffs may happen.
However, I believe the plan it to crack the whip, do more with less, cause uncertainty and confusion in order to run people off in order to trim back on the severance payout. All so the list for the next round of layoffs is not as big as it would be otherwise.
This is phase 4 not phase 1.
Citi is due to finish its first round of layoffs, impacting 5,000 managerial jobs, by the end of March. Thereafter, it plans to cut 5,000 jobs from selling businesses and 10,000 jobs from cutting people in areas like technology and operations.
So 15000 more employees to be let go? Can someone confirm this?
Yes there is. No there isn't
So do we still need to be worried about getting laid off or is the worst of it over this week?
At the end of Phase 1 this week we are 5,000 into the 20,000 reduction by 2026.
The rest of the cuts will come from attrition (10%), divestiture and letting go off bottom performers (5%)
Every company lets go of their bottom 5%
I think they will continue to make cuts but the majority of them will happen this week.
This was already posted about just yesterday. Where have you been?
It's been said for months that there will be layoffs for the next 7 quarters. It will be over by Thursday for THIS QUARTER.