Just got the word from one of Jane Fraser's directs that the next Phase of major, bulk layoffs is mid-December and January. There will be silent layoffs in early February 2024. Citi is telling its Laidoff employees, "Happy Thanksgiving, Merry Christmas, Happy Hanukkah, and F-You !!!" It's Not maybe the top performers are quitting, it's definite they're quitting. I see this happening everyday at Citi. Citi will as usual and normal for Citi, be left with mediocre and below average employees relative to competitors Citi aspires to become, JPMorganChase, Goldman, Morgan Stanley and BofA because Citi is Not profitable, can Not afford to pay salaries and bonuses on par with its competitors and now these Layoffs are further driving out what few top performers/employees Citi has. Good luck with retaining top employees and recruiting. The Only job applicants Citi is attracting are unemployed (includes students and new graduates from academia with No work experience, Laidoff by other employers and Temp/Contractors) whose only options are working for McDonalds or Citi.
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It's a mistake to jump ahead to December and January for job cuts.
Over 300 senior managers heard the bad news that their services were no longer needed, really sad considering it's Thanksgiving week.
Looks like the only important thing is the bank's bottom line.
Sad times we are living in for sure.
At this rate …. It’s like everyday.
January/ February
This week
Tomorrow