Right now they are merging departments together and getting rid of top level management then after this is done, whoever is left at the top, will look at the rest of the people in their group, and then decide who gets laid off. This would include vps and below. So most people are not out of the clear until sometime beginning of 2024 Thoughts?
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Coriolanus of Risk DART is now at KeyBank Corporation. ROTFLMFAO!
The Risk DART Townhall today was more of the same: Violin-playing, Eye-rolling Ennui BullSh!t speech from the New Head of DART. Employees do NOT believe anything that comes out of the mouths of DART "Leadership" including HR and the replies to the Slido questions. Yyyaaawwwnnn. Same BullSh!t different day.
Of course, Citi hired another arrogant !ndian as the new Head of Risk DART. Ever wonder why GS, JPMChase, Morgan Stanley, Barclays, and BofA are successful and beating Citi's @SS ?? Look @ their Executive Mgmt plus 5 layers down and compare those with Citi.
Post ID: @3Qmlu+1pGPlpkK DART Townhall meeting is Tuesday, 23 July. And so, they may have an announcement then about who is the new Psych0Path.
Post ID: @3Dpwu+1pGPlpkK So you're implying that since Coriolanus of DART knows where all or most of De@d Bodies and problems are hidden, he'll successfully cut a deal with Citi to receive X-US Dollars for Y-number of weeks or months in addition to other fringe benefits. A quid pro quo. This seems very possible.
Post ID: @3Lhih+1pGPlpkK Rumor has it that Citi and the Head of Risk Management already hired an internal job candidate to be the new Head of DART and the MotherFvcker is from technology. LOL! Citi's vicious cycle of retaining (Not firing or laying off) incompetent antiquated dinosaurs especially from the Tech Department and just moving/transferring MF's around. With all of Citi's Consent Orders, MRIAs, MRAs, data and technology monetary fines and failures we all know how competent Citi's tech employees are! NOT !
It seems like Citi already found his replacement hire because Citi scrubbed his name so fast within only a few days of announcing his abrupt departure from Citi which was Not related to any RIFs or the reorg. The implication here is that he was flat out Fired and Not Laidoff.
Just finished the DART "Listening" Circle meeting. Same Old Sh!t and a waste of Shareholders' 30+ minutes. So Sad. LOL! Citi should just tape record these BullSh!t meetings cause it's the same Sh!t we've all heard of before. The only way up is out of Citi. Other posters have already detailed this before. When employers place a cap on in-seat promotions at 20% or at most 30% of people nominated by their Managers to be promoted, there's a high possibility (80%) of NEVER getting promoted for years or at all ! This is Not the case at Competitor companies. Not all relationships are meant to be and divorce is always an option. It's long past time to get the FVCK OUT of Citi and get a better job ! It's Citititanic anyway, will get downgraded by Regulators and may Not exist next year! And even a strong nomination by your Managers is NOT a guaranteed win. Take for example the Academy Awards. When 5 people are nominated, only One person will take home that Academy Award. So realistically, each person has only a 20% probability of winning. It's Not just in DART that this happens. It's across and all over Citi.
Post ID: @3Dbiw+1pGPlpkK Yes true. All it shows in the Global Directory is what looks like a fake placeholder GEID Number.
Post ID: @3Dpwu+1pGPlpkK He's Not even showing in the Global Directory anymore as of today. I looked yesterday and he was still there. His immediate disappearance from the GD is very fast since it normally takes at least 4 weeks for people to disappear from the GD whether they quit or got Fired. Something very terrible must have happened for Citi to erase his @SS so fast from existence.
@3Cvcx+1pGPlpkK. It’ll leak out eventually. I can think of several really senior MD’s over the years that ‘disappeared’ abruptly with terse announcement, if any. Give it a few weeks, maybe a month. Regardless, person will be fine as they will negotiate their exit. Yes, even if fired if they know stuff C doesn’t want made public there will be some quid pro quo’s.
Post ID: @3Cenl+1pGPlpkK Yes # 2 seems credible and plausible. It's very quiet and No one wants to talk about why he abruptly left Citi. It was all so sudden, shocking and unexpected. He made a lot of enemies though including but not limited to firing under the guise of being part of the Layoffs several competent and skilled employees including the MDs other posters on this thread mentioned. In Risk and DART and Citi in general, the MDs, Ds and SVPs are like Velociraptors fighting over food. He fired or got rid of his competition only to be fired himself. KARMA is a B!TCH ! LOLOLOLOL! It's better to be liked than feared. With being feared, it's like a Maf!a relationship and you're always looking over your shoulder. Maybe one of his enemies discovered he did something illegal and used it against him. Unfortunately, No one is talking, Not even rumours.
Anyone have a clue why Coriolanus of DART left Citi? Since it was abrupt, Not planned and Not part of the reorg according to Citi, this can mean one of two things: 1) He quit voluntarily. 2) He was fired. If the former, he would have been required to do Garden Leave for at least 30 days if not 90 days and Not simply abandon the job or Citi. According to Citi, DART's structure will remain the same and Citi is actively searching and recruiting for his replacement. If the latter, he may have done or been involved with doing something illegal and/or a Regulator(s) ordered Citi to fire him. This would explain why he was placed On Leave for about 2 weeks (internal investigations, suspension with or without pay, etc.) and then eventually Fired. My bet is on # 2.
Coriolanus of DART assured us for months and weeks there would be NO Layoffs in DART. On Monday November 20 there were Layoffs in DART including 4 Top MDs. Cold callous cruel brutal LIES......Trust No one.
@rvg+1pGPlpkK How are you guys taking it ? Do you think with your merger in WCRM there is potential for many layoffs!? I’m in DART too
Spot on, looks like 4 MD’s were just just in DART (risk reporting data analytics and technology) including our MD covering wholesale credit risk. We are now under another MD who covers wholesale credit limits monitoring
This is just the beginning. Buckle up and be prepared.
Correct. Right now through December it's mostly (key word is mostly, there are some exceptions), MDs and Ds, and merging groups, teams or departments. After this the peons starting in January will be assessed who and in which groups, teams, depts get the axe.
The peons (SVP, VP, and AVP) are the ones who will feel the brunt of RIFs. The fat cats take care of each other
Layoffs are for the sheeps with mortage, for EMT-1/EMT-2 we have annual bonuses.
Personally, I am amazed at how FEW layoffs there have been at the EMT-1/EMT-2 level.
Yup! Hence they haven’t finished streamlining/merging the majority of the ppl yet - meaning some MDs and mostly D and below
This is correct, financial times reported that the firm has only worked through ~1% of all roles under scrutiny (the highest seniority effectively).
"Citi, which is doing a top-down review of its organisational structure, has only worked through about 1 per cent of the positions at the bank, or about 2,400 jobs out of a total of 240,000."
This 1% represents the EMT through EMT-2 (some other roles were affected as we know but the overall gist is EMT through EMT-2) . The next phases will cover EMT-3 and deeper
Yes correct. The layoff process started. It will go on till End of March 2024
I feel so too, although some people/team already get impacted by this merge/reorg