As mentioned on another post, there are managers who are goaled on trolling boards for spin control on anything negative in regards to Citi.
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I could type this on half the posts here. STFU, trolls are soooo boring
Get rid of the old people?, why that’s not ethical. Oh wait, its only ethical if its in fashion.
Right now the hot topic is the ESG drive followed by communique after communique of how great Citi management is on going this route. The truth in my opinion is that this is only because ESG is in vogue and there’s the thought that the general populous will only be investing in companies that are ESG driven.
Think about it, if Citi management was truly ethical wouldn’t they have been ESG driven all along for many years past NOT just when its fashionable.
Get rid of some “old people”?? What age would that be exactly? No one is doing that without a big early retirement package. ( or a big legal settlement.
My guess is no layoffs of significance, unless they want to get rid of some old people, who may retire soon anyway....or people who have only been on the clock a short time, so they can minimize severance. The vaccine mandate showed us that they are ready to do whatever they need to, to get rid of people without paying severance, even if it means possible lawsuits somewhere down the road. The re-org allows them to move people to where they need them, without the need to hire anybody new. Get ready to learn some new stuff mortgage people.
Re-orgs, eh, its not whether you re-org but rather why you re-org and how often that matters.
There are times where a re-org makes sense. If you re-org because you can’t think of anything else to do, then that shows poor decision making. If you re-org a lot, then that shows impulsive poor decision making.
What group are you in? What LOB?
There are always re-orgs every year or so ( some only impact one or two orgs, like Digital moving y under tech), and some impact all of bank or cards etc.
So what have you heard in your group?
Re-org discussions are already in play right now. My group has already been notified and the details are being worked out. I’ve heard no news of layoffs yet….bbbuuuttt…..during a recession that is the ‘go to’ play in the playbook.
No doubt there’s koolaid drinkers trolling the boards for a little spin control. LOL
"Oh, its coming" - you sound like a low information C09 or a bitter former employee.
Oh, its coming. There are nay sayers but its coming. Some people will be caught by surprise for sure. When it happens at the end of this year, I’ll be sure to reply back to this post with a whole hearted I told you so.
company is already running lean in critical orgs and overseas businesses have been or are being divested. unless your LOB does not innovate i would not count on layoffs as voluntary attrition is outpacing that need
I’ve been reading this site for a while now and I have to admit there is a pattern.
It starts with something hard to believe or something that seems a little harsh.
Someone else, a diehard Citi fan, will chime in with something like “that’s wrong” “or its not all bad” or “it’ll never happen”.
Later, whatever what was said that was hard to believe in, comes to pass. I haven’t kept a running list of every single post as I have a life but I have kept up with quite a few. Not counting the opinion posts or complaint posts as those are mainly from someone’s personal experience but just looking at the prediction posts, I’d have to say a rather large percentage of them turn out to be true.
Now, in light of the upcoming recession, there’s an uptic of layoff, managed out or re-org posting sentiment out there. If I had to put money down on it, I’d have to lean toward a layoff AND re-org will be happening. As one other poster put it “management knows they need to do something but just don’t know what, so they use these tools to appease the board and buy some time to figure something else out”.
The plan in mortgage was to eliminate 20% once the Black Knight system was installed. I guess they didn't foresee that piece of sh-t taking 4 years (so far) to get right. Luckily, for Citi, that piece-of-cr-p system ran off the 20% for them, without having to pay any severence.
Citi is avoiding layoffs as much as they possibly can. Severance packages will be gone soon, too. There are so many people kicking their can, waiting for a layoff that will never happen. They will just move you to where they need help and wait for you to quit. They lost a ton of great people over the last couple years, and I believe they are in a downward spiral. Eliminating severance packages is an easy way to save money.
You are correct.
I have heard end of this year and\or first of next year. It’s better for the company to work someone all year long, then let them go before giving out bonuses.
If you work someone all year, then give them a bonus before you let them go, then that benefits the employee which negates the company status quo of squeezing as much as you can from employees all while paying out the least amount.
Has there been any news?