What does this mean for Citibank??
https://www.cnbc.com/2023/12/15/citigroup-employees-told-they-can-work-remotely-until-new-year.html
CNBC
Layoffs going on, so probably no need to return after those two weeks for some 🤡
Get everyone out of office to make the layoffs easier
That doesn’t make a lot of sense. Wouldn’t layoffs be easier in person?
They do this every year. This isnt special
It means Citigroup employees can work remotely until the new year
Yep. This is a normal Citi thing every year.
Work from home plus a two hour lunch break on 12/25 and 1/1
The funniest thing about all this bullshit is that it proves NO ONE needs to come into an office. This bullshit of 3 days in the office is just that. People coming in, sitting at desks that don't exist at terminals that don't work half the time on zoom calls because all of their colleagues are somewhere else. Tell me again how that's "efficient"? Then remind me again how entering 4 CMP tickets for one small issue, spending weeks following-up and getting the runaround by 9 departments who are "designated" signatories on software or issues they have nothing to do with but sit on signing anything for months until the tickets expire and then you have to start all the process over again? Citi keeps talking about "transformation". The problem is that there isn't a single documented process in the company. No one follows a single way of doing things. Every MD wants to do things "uniquely". The bank wants to move into the 20th century but has massive amounts of people who want to do nothing more than protect their turf and literally lie and hide information just to make their bonuses. The place could be so much more successful if they just got out of their own way and did things like a software company does. Yes, it's a bank, not a software company. However, it's creating and implementing tons of software without any controls in place, no repeatable processes, no wonder all the clients are screaming about shitty half-finished software that has no documentation behind it when it's delivered and then takes how much hand-holding to implement it and get it running? How about you REQUIRE actual repeatable processes?
"like a software company does". :facepalm This kid is next level delulu if he thinks there's no lying and turf protection at software companies. That's literally how you spend 80% of your day if you're 6+
Sounds like Google has gone way downhill if that’s true or managers and more junior engineers are too clueless to escalate it. Reminds me of a financial firm I used to work at. Lyft may not be the role model of tech companies but at least that problem is relatively less common
Are banks in general planning more layoffs in 2024?
Yes. Citi said they were cutting 10% a month or two ago and ceo of Wells wants extra severance accounted for this quarter which will hit in layoffs next year (see articles on news on this about ten days ago). Estimates on that show ~10% layoffs there as well.
Citi always does this
If it was permanent without ever having to go back to the office, I would be happy—this is a temporary concession to hide the fact that they cannot and refuse to let their employees work from home. TC: 105K
What level are you?
L4
ha - enjoy break from commuting for 2 weeks …“We hope that you will enjoy a break from commuting while continuing to stay focused on closing out the year,”