I recently joined CITI with all new hopes. But I am scared now.
The culture is weird and I will be missing a good severance from my old company.
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I was let go after 22 years this past March. A new hire replaced me who was much younger. This was my second time being laid off. 2009 as well. Totally done with Citi for good!
Ya doomed, sorry OP. Hope you don’t like having a personal life.
I just don’t think tenure will have any baring on it. Layoff will be based on your role and what org you’re in. MDs are reviewing their groups now to see where to cut
There have been a lot of longtimers let go this year too (many mystery disappearances). I think it's incorrect to say that group is safer than others. Yes, the severance would be higher but they would be cutting long-term costs, plus showing board/regulators their progress.
You say they’ll let go long time employees over newer, but I doubt that’s the case. It’s by role and group, an outside consultant is making a lot of the recommendations. Long time employees will have much larger Severence costs to letting them go ( and not necessarily that much higher pay). So the charge to the quarter would be much higher if laying off longer tenured employees.
Lot of people were hired during covid and last 2 years without real business needs and many don’t have the right skills. Several converted from consulting companies. So the trimming required now but it will be the long term employees who will be trimmed and not the new ones
Hi OP. Theres no point in stressing over something you have no control over. I was let go last week after being with Citi for almost 10 years. Time with Citi means nothing. Learn what you can now and hope for the best. Most importantly don’t stay comfortable. Even if you are not let go now at some point you will be. Seems to be a theme at Citi to let people go. I know because a large number of people Ive met at the bank have all been let go once or twice during their tenure. You would just need to look for a new job inside or outside of Citi during the paid non-working period. Good luck and just relax you will be ok.
People are just getting off on fear mongering here. Don’t freak out. People are making up numbers and worse case scenarios. This is not 2008 ( and I was at Citi thru that layoff). Senior /layers will be impacted disproportionately. Regions more than US. And yes, there will be layoffs here across the board, but not a blood bath like some are implying. Very role /org based.
A new hire is never required for Business continuity or active development. They are the first to be picked as they are scape goats in office politics.
Which group are you in? What is your job function?
Jane could have hired some contractors and let them go for past 2 years. She is playing with lives of employees and new hires. She lured employees from other companies just to let them go after 1 or 2 years.
Jane just a info for you, employees are long lasting assets not a paper cup or contractors you have seen in your past.
There’s a transformation town hall on Thursday with Jane and Anand if you actually want an update
This IS the transformation.
For the first 2 years Jane was telling how great Citi was doing and how it would be doing transformation for 5 years. We were all fooled because now she is telling us that having less employees is more and that Citi must cut many jobs to survive. So what changed so quickly or was all of it an act to keep workers motivated.
The culture is one of desperation now. This CEO is doing everything she can to keep her job at this point, with no regard for the well-being of the employees at the lower levels. New hires beware! This company is a sinking ship at this point.