All these talks of layoffs following Jane’s restructuring. I recently joined Citi in tech role. Should I be worried ? Is this impacting the middle level managerial roles only and does not really hit the bottoms of associates and vps who are actually doing the work at the leaf nodes ? What are your opinions on layoffs, restructure and comp this year ? #citi#restructure Yoe: 6 TC: 135k
Management level 1 and 2 is getting affected you are safe
What do you mean by management level 1 and 2?
It will start with restructuring MD’s as per LoB and than Directors. Cut the fat from the top, stream line the chain of command and synchronise fractured units.
citi made the worst decision to over hire. i used to work there and noticed the trend of contractors to full time in a year that did horrendous job at their work. management was incompetant so i left
Citi is good for retirement, not for any work.
What about all the numerous contractors there from all the Indian IT vendors like witch?
They are promoting people with tenure as Citi employees in Mumbai to Director and transferring them to London or USA because they can pay them peanuts. Then those Indian directors are hiring all their Indian friends from Mumbai as SVPs to manage American employees, even though the newly minted Indian managers have no management experience and don’t understand what the line of business does.
They are planning to cut jobs on both vertical as well as horizontal level.
Will this be a major mass layoff? Or just a small scale 100 people layoff? I feel it's discrimination if they layoff employees while keeping contractors
One, that’s not “discrimination”, they will layoff based on role/org etc. and two I would expect it to be a mass layoff
Wait Jane Street laid off people?
Not Jane Street. This topic is about Citigroup CEO Jane Fraser announcing layoffs and restructuring
Oh gotchya
I wonder if they’ll do decent severance
They’ll do 2weeks pay per year of employment. Plus, if required, WARN pay of 60 or 90 days.
Yes
I don’t see any severance package information for laying off their employees, anyone can share severance package information?
I got laid off recently.. you will get 2/3 months of warn period, it means you will get paid for those months and two weeks pay for each year you worked.. I have worked for almost 6 years and got bulk amount of 3 months pay..
Sorry to hear about you. I also want to thank you for sharing information during your difficult time.
In the mean time secured a short term contract in JPMC.. trying for full time jobs desperately.. but only getting rejection emails.. The market is very much saturated..The recruiters are also lowballing with less hourly pay.
Is jpmc hiring still? How long did it take until you were in your next role?
There is a hiring freeze in JPMC.. some how I got 6 month contract. It took two months.. with a lot of rejections even after great interviews 😀
Citi is so bloated. They have 240K employees. 30% should be laid off. Jen won’t be able to succeed in the new strategy because she is reshuffling senior management staff rather than firing them. The senior leadership is leeches sucking juice out of this company.
How does one get a cushy management job there?
Apply on the website and stay there for 30 years. 😆 There should be a 7-year term limit for senior ex.