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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None of us in St. Louis do sh-t in our massive building. Do us a favor and RIF us all.
Remember when Tampa was a low-cost location and Citi started dumping roles there, which caused JP to do the same, and then the low-cost location became higher-cost? Pepperidge Farm remembers.
@c1 Don't forget 40,000 of that headcount will come from the Banamex divesture. So if you factor that in, we should be at our target state now.
Wrong the Target employee state as articulated by Project Bora Bora back in year 2022 was / is 180,000 employees.
This number includes jettisoning 30,000 from the Banamex sale / IPO.
A simple Google search shows $hitibank had 226,000 employees at the end of year 2025.
And so, $hitibank has about 46,000 employees more to Axe 🪓.
But if you include the Faceless, Nameless Chattel $hitibank already Axed, already disposed of like used Toilet paper 🧻 in first half of year 2026, that number may be 20,000 to 30,000 employees remaining to be Axed🪓 .
This means $hitibank will be swinging the Axe until 1Q2027.
Your Employer is Never And Not your Friend! We sit on opposite sides of the table, just like in a court room or legal case. Another metaphor is Buyer-Seller.
@c1 Ge-z lLouise. You think after 3 years you nimrods would get the #’s right. The target as articulated by Bora Bora has always been 200K. The other 20K is not a RIF but a spinoff of Banamex.
In light of this post I’ve realized though that cuts need to go deeper. There’s more totally clueless people employed at Citi than Jane thought.
Citi has been transparent since 2024 about its goal to reduce headcount from ~227,000 to ~180,000 by the end of 2026. Not sure when the remaining layoff is going to happen?
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.