Really wondering how these high cost locations are going to exist if we can’t hire and keep letting people go?? Like what is going to be the point of the Tampa, NJ, or NYC locations if we can’t use them??
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Tampa is not a high cost location. Its zone 3 which is standard. Not sure what the future is for Tampa, but it's obviously not strategicly important anymore.
@a9 Citi is hiring in Charlotte because the governor made a deal with them to build a site and awarded Citi a grant of $8 million. The governor can say he added a billion to the tax base although we all know it's smoke and mirrors. There was already a healthy population of Citi employees that were made remote when they closed Ft Mill. So it's not a lot of new hires.
This is a wash/rinse repeat that happened in 2016 where no new hires in high-cost areas. This limited promotions as well. All exception based for NYC or NJ- at the time Tampa or Irving was the preferred hiring location. Citi will survive. AI won't be the silver bullet and will hire again since certain talent may not be available outside of NYC metro. See reason Citi is hiring 500 people in Charlotte so they can siphon off other major bank talent there. You can't hire true Risk folks from anywhere which Citi learned.