Citigroup considers deep job cuts for CEO Jane Fraser’s overhaul https://www.cnbc.com/2023/11/06/citigroup-considers-deep-job-cuts-project-bora-bora.html?__source=iosappshare%7Ccom.apple.UIKit.activity.CopyToPasteboard #layoffs #citi #google #amazon #tech #citibank
They use McKinsey?
About time. Get rid of Directors and above.
You know thats not how it works right?
Of course. I will get rid of 50% of Citi employees and make the business better at the same time if I were the CEO.
It's all about optics, see what happened with Meta, laid off people with such hullabaloo and then in less than a year hired them back.
Not really Meta had 87 k employees at the beginning of the year now its less than 62 k
Citi is s not growing like meta . I doubt mass hiring will come to Citi
yikes
Tech led almost all layoffs since past 18 months. Now it’s other sectors who will be driving. This is what fed wanted.
Tech should start hiring illegal immigrants to appease the govt
She should take a pay cut first
I can bet most of them will be in US.
is it due to interest rate hike and banks are losing money on existing loans?
This isn't the economy, it's inefficiencies going back sixteen years: > Fraser is under mounting pressure to fix Citigroup, a global bank so difficult to manage that its challenges consumed three predecessors dating back to 2007. Already a laggard in every metric that matters to investors, the bank has fallen further behind rivals since Fraser took over in early 2021. It trades at a price-to-tangible book value ratio of 0.49, less than half the average of U.S. peers and one-third the valuation of top performers including JPMorgan Chase
To do the simplest things you have to go through 19 committees, 4 internal ticketing systems, have the tickets rejected by someone in another country who is randomly assigned the ticket for reasons only they could tell you, resubmit the same ticket 4 times, and then, if it is approved, watch as it takes months and months for it to be implemented by people who don't care if it works properly once the work has been done. If there was any accountability and absolutely anyone at the top took actual responsibility anything wrong rather than making sure they protect their bonuses, things would get better. Nothing changes because the corporate inertia is to hide the problems, lie to everyone, and collect your bonuses until you're promoted out of a role.
just reading through this looks like a big impact
Yeah crazy numbers.