https://dol.ny.gov/system/files/documents/2024/04/warn-nyc-citibank-n.a-3.30.24-2023-0308.pdf
16 replies (most recent on top)
I don't know the same numbers for Citi, but in 2021, voluntary attrition turnover rate for JPM was around 17%. Yes, 2021 was almost fenomenal year for job hopping, but the markets is still not bad for the most qualified. I hope the most staff reduction would be achieved through not replacing voluntary departing.
For now, I see a lot of "TBD" C12-C14 boxes in a new org structure for my department.
The impacted employees in this Warn notice already know. Warn go out when they communicate it. They give a 90 day notice so this is why you see June.
Post ID: @1etp+1rPkRshs : not quite - my current team at Citi had several advances throughout the years and I finally gave in because of the money. But it was a big mistake.
Post ID: @1etp+1rPkRshs Nerves were struck ! The TRUTH HURTS !!! LOL !
@1yny+1rPkRshs Or maybe the sh-t is you
I was never concerned about RIFs in my previous company because the natural turnover was high. And no, it was not because it was cr-p, but because people in my team were good enough to find better opportunities inside or outside the company. But now I am concerned - the same team in Citi people are sh-t, clinging to the jobs for years because they cannot find another place. So I am worried I might be a target this time. Moving to Citi was a mistake.
It looks like the 430 in NY plus in other locations is a new round according to the NY Post and Reuters. The cuts will be done in June. So again, CEO Jane Fraser and C-Suite LIED. 430 in NY is more than the reported 360 NY Bloodbath done on March 25. More than likely NY will Not be the only location taking another hit in June. The other hubs, Tampa, London, Warsaw, etc. will also take hits.
Is this a new round?
Looks like next round. If WARN numbers right it will be 50% more comparing to last one.
NJ Warn form has next numbers:
187 employees on 4/30, 5/18, 5/28, 5/30, 6/12 and 6/29. Almost all from Jersey City office.
People: It's Not just in the NY area. In Warsaw, Poland about 500 employees got axed out of 7000 or about 7%. If Citi is axing employees in major hub locations, an average of 350 employees multiplied by 5 hub locations each quarter for the next 2 years this is about 14,000 by 2026. These are just my estimates.
You realize that Citi has another 20k to let go over the next couple years. Some will be attrition, but the rest are layoffs etc.
The overarching restructuring is completed but layoffs will continue thru 2026. But other companies are pretty much the same.
letting 350+ people go every quarter would be like some dystopian sci-fi movie (think squid game or hunger games) and the effect on morale would be terrible.
i didn't think i was in any real danger of losing my job but the anxiety in this last round was really bad for me personally. i have other options and if it becomes a regular thing then i'm leaving.
These may just be the notice for the folks let go end of March. Their 90 day non working period for WARN would be over end of June so the dates align.
Reuters reported on this earlier today. Seems the Q2 24 layoff targets are finalized for the NY area.
I guess this is for Q1 which just happened.
Amazing. It's going to be like this every quarter. I am surprised they are laying off so many already in Q2 2024 -- i would have thought this would be delayed 1-2 quarters.
Imagine if they let go of ~350 people from 388 every quarter for the next 7 quarters?