https://www.bloomberg.com/amp/news/articles/2020-09-14/citigroup-to-resume-cutting-jobs-ending-pause-during-pandemic Are other banks concerned or business as usual? #layoff #citibank
Can’t someone post the citi article, can’t access it
I reposted the Bloomberg article instead of Financial Times. It is less than 1% of workforce and Citi does seem to be hiring.
Citigroup is a lay-off champion
“The new cuts affect less than 1% of the workforce, and with recent hiring, it says overall headcount likely won't show declines.” Sounds like a return to BAU.
Oh, Citi always job cuts? Is it annually or quarterly?
oh i don’t know, i thought most companies turnover some small % of workforce during regular times
how is 1% considered a lay off news when Amazon routinely pip 15% and no news?
It’s law related. If the company is laying off, it needs to be publicly disclosed. While Amazon is “performance related”.
Layoffs don’t include restructure, redundancies etc usually - so 1% is probably under stated. I know in CCB - they need to do a major thining at the top, lots of “senior folks” doing nothing productive.
The article also said Citi is trying to allocate people to less expensive cities to keep the cost down.
Business as usual and I fee like the push to less expensive cities was happening even before Covid
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https://www.cnbc.com/2020/03/27/bank-of-america-ceo-doesnt-want-employees-worrying-about-their-jobs.html