https://www.bloomberg.com/news/articles/2023-10-13/citi-s-fraser-to-remove-five-management-layers-in-reorganization#xj4y7vzkg
This bloomberg article points to a public citi link which is gone now. They accidentally posted it? How the heck they are going to remove 5 management layers is beyond me???
There’s a menu item in the Hub: Functions: HR, Legal & Compliance, Operations & Tech, Internal Audit, ESPA, Finance…( one other I can’t recall off the top of my head). Just go to the Hub and look.
What is the definition of functional area?
Everything is in play for layoffs. Higher focus on functional areas, but I don't think it is wise to think you are safe if you fall outside these areas.
For the person who commented on functions. Tech is always and has been the scape goat of the past.
Some of you guys are way too harsh and have forgotten all the good things Jane has done. Like when she gave herself a 9% increase in pay. $24.5 Million 2022 Paycheck, Up 9% while CEO’s at other big banks, including Goldman and Morgan Stanley, had their pay slashed. You know, stuff like that.
Funny how half these posts seem to think Citi is only tech people. And no one seems to have read the material on the Hub that details what falls under “functions.”
The SVPs in our department don't have anything to do, so under the guise of "being proactive", they send out emails and create recurring meetings which only create confusion and problems/more work that was not needed. When they go out on vacation, productivity of the team increases.
Last major layoff they did away with majority of svp titles
Same thing happening at Charles Schwab. I hear they both hired Boston Consulting Company to do thus. Good luck folks.
Last year, it felt like Citi was a great company. When 2023 came around projects started to get delayed, cancelled or took months to get approved. By the summer it looked like something was cooking, but nobody was talking. Now every week that goes by without real information, Citi feels more like the Titanic sinking after the iceberg.
People, Reading comprehension is important. @1qty+1p4Vy1RM was not defending Citi. The poster was criticizing Citi for playing mind games with employees, driving their nerves crazy etc..
I have to laugh at the people sticking up for citi are obviously from HR or maybe top upper management hysterical. How anyone can defend what they are doing is beyond me.
I worked for citi for decades I saw the writing on the wall that they didn’t want me here anymore a few years ago so I waited them out and got my Severance and Unemployment and retiree benefits when they laid me up a few months ago. I wouldn’t have done it any differently they want you gone let them pay for it.
To ID: @1qty+1p4Vy1RM. Citi is mind fu--ing over everyone. They want uncertainty and want ppl to quit so they pay out less severance. They r the ones wrong here. Stop with the threats and get rid of who you want. Don’t have employees sitting here upset, and even having to think of quiet quitting.
In reply to the Poster who posted about sitting around waiting for his severance because Citi is being vague about who and which Departments are getting RIF'd, your attitude is exactly why Citi is being vague. Citi does Not want Employees to do Quite Quitting and work the bare minimum because the Employees can Not focus due to the nerve racking uncertainties of whether they'll have a job in the next few weeks or months. As for the poster who posted about MD's and D' becoming IC's again and Not people "managers" with several direct reports, the Old Rule was you needed to have 5 minimum Not 6 direct reports to be a people "manager". Maybe teams will be bigger with less people managers.
Who cares. Just give me my severance, or keep me. In the meantime, I'll do the bare minimum, since that's what I'm getting from the company.
Since the Sep annoucement there has been a huge buildup with very little clarity provided for employees. Citi’s clumsy way in full display. The stress level for workers is enormous not knowing if they will have a job soon. Many have mortgages and bills to pay. In some cases both spouses work at Citi. It is time execs let people know the truth. Employee morale is extremely low.
Yes, people managers can turn to be ICs again, not that bad. But in some lines there are rows of MD and D with 1 or 2 reports... not very effective. There was a rules once that you should have at least 6 plus reports to be a people manager. Maybe teams will be bigger with less people managers.
No, it does not work this way. You're not from the company. It is NOT 5 layers will be removed. All LOBs that contain more than 12 layers will be streamlined to 8 maximum. People will be moved under 8 layers only. Again it's a problem impacting Directors. Please stop saying wrong things and read thoroughly emails and meeting. Shareholders meeting gave pretty clear info, if you can read.
One issue is some lower level managers/groups are already being directed by their mid-level managers to shift their staff around to try to meet the new 8 layer requirement, but based on the current org structure. It makes no sense to flatten lower groups to meet some McKinsey recommendation when they haven't implemented any other changes lower than EMT-1 yet. So VP managers trying to grow in their career path are having directs taken away and being made ICs again. This was supposed to be a top-down restructuring, but I guess not...
So when execs said that functions would be eliminated it was meant that management levels would be cut. Every worker in the 5 management level functions will be matched to whatever job is left or get fired.
The layers of management are the steps separating somebody from the CEO. If you make confusion between layers and c-levels it means you are not from the company, or you are OFF... everybody will be closer to level 1. Nobody in the company talked about removing titles.
Just like product companies, they will have
Directors (MD, D) and Senior Developer/Developer (SVP, VP) title.
SVP's are no longer managers but they will be just tech leads.
Very Cheap Strategy.
If SVP is demoted to VP, he/she will automatically move out of the company. Thus saving Severence pays.
Not sure. VP's waiting for SVP position, no scope of growth.
SVP's hired from outside for leadership roles have to fall back to VP level.
MD's will be demoted to D's.
The intermediate management layer will be shaken so every one leaves.
Expect a lot of people in SVP and D will be leaving. Its going to be a real humiliation.
Unfortunately they have haven’t cared about what employees deserve for the last few years. We’ve been sitting waiting all year for details, followed by more BS convo announced Sept, and ever since. No concrete info, and yet again - media gets info before employees. I cannot believe that all
of this emotional turmoil theyre putting us all through us not a collation of the code of conduct or somehow illegal. Its getting more absurd as the days go on.
Everybody is at risk. Any level, manager or individual contributor.
If true this means a huge structural change. Does it include directors. How deep will it go. Management includes all levels to AVP, VP, SVP, etc. Workers deserve to know if they may be at risk or not.