Is that what the future is going to look like? That's my worst fear. Always being on the lookout for layoffs. I have anxiety as it is, so something like this would only serve to drastically intensify it. I hope we have one big round next year so we can get some closure and move on if we're still here.
12 replies (most recent on top)
Yup, it happened to me today (Tuesday). I was read a script by my longtime manager.
My Position was being eliminated after training a new hire for 6 months. I was pretty surprised because I ran 5 different core applications. The place is full of new H1b visa workers who were not impacted at all.
I wasn't making a ton of cash either. I am in my early 60's so I'm wondering if that may have played into it.
Nothing will improve until the stock gets to where it was 3 years ago when she took over. Its on the rise up now but that’s due to the layoff. Usually a layoff will cause the stock price to rise some but its not a sustainable bump in price. What we need is:
a.) Get the stock price to where it was before Jane took over.
b.) a sustained stock price
Unfortunately the reason the stock plummeted since Jane took over was due to her leadership or lack thereof. So until we get leadership that has some true vision and direction, things won’t change. Take a look at the current decision. According to her, we needed to reduce layers of management so she got rid of 300 MD and replaced them with 304. That’s your leadership decision process that got us to where we are now.
I don’t want to hear COVID this and that as other banks in comparison have done quit well whereas Citi stock has woefully lagged behind.
I left my C13 Citi meat grinder role after 2nd TIA and no compensation that came even close the quadruple hats, I was managing eight years ago. The job I took after departing Citi is life fulfilling where I am a valued C13 staff member at 3xs the pay. I hope past Citi friends manage this cutthroat Citi environments. Remember Citi always emphasizes in every Town Hall "Stock Holder value add is imperative and to he-l with you as an employee".
Post ID: @wgc+1q95m5hh So true. But as a publicly traded company, Citi is required by law to report and announce major layoffs. This is material information that could and should affect investors' decision in whether to invest in Citi or not. All companies do small or slow trickle silent layoffs like a handful, 1 to 10, 20, 30 etc. in a group or department almost every year. Citi is NOT profitable compared to its competitors JPMC, Morgan, BofA, Goldman, etc.. And so Citi needs to find EXCUSES to cut and reduce Bonuses, Salary increases, Promotions (because Promotions are tied to Salary increases). The EXCUSES include but are NOT limited to Downgrading Employees' Ratings who actually deserve 1 and 2 Ratings TO 3-Valued Contributor. Because Citi is NOT Profitable, Citi needs to nickel and dime its Employees including doing mass Layoffs. There is NO future in Citi. It's a Zombie "bank" D3ad Man Walking.
I forget who this was, but some senior lady spoke at a Town Hall about two months ago — I believe Anand was the other main speaker? — and she said that the restructuring would go on for “years.”
I take this to mean that there is going to be a major announcement in mid-Jan, followed by minor layoffs every quarter (1000 or so employees) for a few years.
And save money, so if you do lose your job, you are not in dire straits and can weather the storm.
Life has no guarantees. Be strong, promote the value you contribute and continually learn new skills to position yourself for growth and new opportunities. Change is inevitable.
Finance has always been high turnover industry - people leaving, being fired. That is the name of the game - high pay, low job security. Although, not very true in the past 20y+ anymore...
Imagine if they had not sent out press releases. This would all be like ninjas slitting throats in the dark. I think they didn’t press releases to create this environment to push out people with options so they could save money on severance and bonuses.
C13s and C12s are about to get hit in the coming weeks. Be ready!
I have seen 3 layoffs at Citi after I have joined here. But this layoff is giving me such anxiety like never before. Every few minutes I am checking on this page with curiosity and hope to get some updates from our fellow employees as management is failed to give us proper updates on the town halls.
There are always pockets of layoffs every year. This is just a bigger reorg so more public
Agree!