I'm not asking any of you to share any insider info you might have. I'm just wondering if things have already been decided and the leadership is just waiting for the right moment to start implementing whatever's coming or are things still up in the air on who's going to be let go?
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Don’t think all the managers know. BCG has been involved for the shave off, so it may be strictly a numbers game. Also likely that workday annual ratings / feedback may be considered + resume on file in some cases to measure skill sets.
I doubt management would say nothing even if they knew…
I keep seeing all these comments about C-12sand C13s being laid off but let’s talk about C14 level. When I started at the bank 15 years ago, C14s had to have at least 3-5 people reporting into them, (span of control). Fast-forward several years and there are literally Tons of 14s with no directs. As a C13 myself it’s frustrating to see that they’ve promoted so many to C14, which really never was just an individual contributor level, so they are getting more pay and more bonus for doing the same work as a 13. There is a ton of fat to trim within that one band.
We are at the height of the holiday season and the main layoffs are going to happen in approx. 20 days. I think it's safe to say the names are already in/known. Layoffs may continue in Feb/March, and some of those names may not be known/agreed upon yet.
I think they know stuff and cannot share yet. My manager looks more stressed lately than the usually happy go lucky personality. I've been avoiding management since they don't/can't answer questions directly and basically ghost my team when questions come up. lol
I don’t understand these types of questions- anyone with decision making authority isn’t going to give out breadcrumbs on a publicly accessible forum. Sounds as though the OPs sad little world will implode if their number is up.
The hype around GenAI is amusing. It’s clear that SLT was sold the promise without a clear understanding of limitations not to mention Citi’s failure to implement even basic frameworks. Other firms are years ahead of Citi in every aspect.
Citi execs have been hyping GenAI as their savior for months. Is their plan to replace the upcoming fired workers with AI which means fewer jobs will come back.
Several contractors leaving by end of week. More projects were cancelled so it may be a sign of upcoming employee cuts. Merry Christmas and Happy New Year!
They have the list ready
This should be good for the share price yes?
Managers (some of whom are sliding into new positions) are still working through their rosters and determine who they want to keep and who to get rid of. Layoffs will resume for C13s and C12s in January and likely go through February
https://www.outplacement.net.au/blog/questions-to-ask-if-made-redundant/
The company retains consultants and let go employees. Managers are also favoring visa employees. If you are a diversity hire and less working you are first.
Jan batch is already identified and pink slips are prepared. Expect something in first week of January. Any last minute changes and releases are to be completed.
Some consultants are already leaving. The market will be filled with consultants and employees. Better to plan for a vacation for 3-8 months with unemployment benefits and come back. By then the visa guys might be gone. The interviews are going to be tough as there are 200-400 candidates for single position.
Vendor based consultants have little extra flexibility to be in bench for 2 months before returning back to their country. They are not going to lose employment and can come back. So if your manager favors consultant talk with him.
Ny nj will see major changes.
To understand more on upcoming changes check if any one is sidelined without work or someone sneaking to learn your skills.
The timing is because the consultants are advising. Hate all these consultants who know nothing and propose stupid ideas, but with a CEO who was a consultant the consultants get taken seriously. If Jane wants to save millions, cut all management consultants and bring the strategy back inhouse and listen to the employees
Yes it is common knowledge - just not being disseminated
Training?
I know they have to go through training in advance, so probably yes.
I think so. In our group this exercise started in October so our group MD knows who will stay and who is going.