Thread regarding Citigroup Inc. / Citibank / Citi layoffs

More job losses and compensation cuts are coming.

This is One of the most comprehensive stories I’ve read. Nicely done.

https://www.google.com/amp/s/amp.businessinsider.com/citis-quiet-but-massive-restructuring-since-investor-day-2019-9

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Post ID: @11leCq3w

3 replies (most recent on top)

I gave Citi 12 years of my life. They hired me and 4 others to shut down the Los Angeles internet development group (IDC) in 2007, 10 highly paid IT Systems analysts lost their jobs when we brought it to Cincinnati. KT or Knowledge transfer was like pulling teeth, they resisted and were only helping because their severance package would be withheld if they didn't. We transitioned the systems successfully, lowered company costs by taking care of these applications in a lower cost of living city and had a good run with many changes over the next 9 years. What took a while for me to see was that all of our talent could be off or on shored cheaper, it was happening all around me with other groups. Citi decided it was time to shut down Cincinnati and move to where they could "find more talent", I was offered a severance package in July 2019 and was actually relieved to have been offered this, I was ready to leave! 2 weeks pay for every year worked... it used to be more but oh well. I used this to make the final payments on my house and over the past 9 years worked on building my own company. Yes, moonlighting, but a plan B is a must with companies like Citi. Most of my other peers who were laid off in IT were 40+, one 2 years from retirement and they let him go. He called me a week before I found out and asked if I heard anything, he said the layoffs are on the way... He'd given the bank 25 years and was chatting sad faces in chat concerned about how he would provide insulin for his diabetic wife now that his benefits were being taken away. SAD! When he mentioned this to me, it confirmed that it does come down to money with the bank, after all Citi is a bank and yes it is the bottom line. There is no loyalty either way, employees leave and so do employers, the days of forever employment with a single company are gone for the most part. Good luck to all of you good Citi folks, miss most of you, we all shared similar BS "paperwork" to stay above water!

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Post ID: @11leCq3w-7dya

Thank you for sharing this article. I agree with the writer of the comment "its common place". Its important that we live below our means in preparation for layoffs illnesses, and other hardships that will come our way. Live to save for future needs Don't just live for today. The first step is to get out of debt and start a small emergency fund. I'm driving an eighteen year old car that's still has many years left. when i started on the road to financial freedom it wasn't easy. i had to take my new six month old van back to the dealership and contact the bank to explain that i was over my head in debt and could no longer afford to make payments.I went out an bought a five hundred dollar car and drove it for many years, I ate mostly pasta chicken hot dogs and chicken bologna made soup from beef bones and chicken necks.I would buy fifty lb bags of potatoes and and take baked potatoes to work for my lunch. it wasn't easy to become debt free.but it was doable and you can do it too

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Post ID: @11leCq3w-1swi

Its so common place now its become the norm. So much that you get numb to it all. One should look at it as “they are going to lay me off, its just a matter of time” and prepare accordingly. Save money, get certified or trained to keep the skills sharp and troll for other jobs.

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Post ID: @11leCq3w-mcp

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