Who is going to be C14 and C13 layoff deciders. Is it external company like what they did for C15 and and above or is it going to be internal management ?
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Our area got a new C16 with no background or experience in the discipline in the first stage, five new C15s after the last round (only one with any experience in the discipline), and at the C14/C13 level we are just waiting to see how we are divided up amongst this new structure. Very little transparency on timing of next round, how folks will be assigned, and seemingly little consideration for skillset. Unclear how they will make the final decision -- best guess is outside actors will make picks and, in doing so, probably cut real institutional knowledge that won't be able to be replaced.
I went through the '08 crash working at another major Street bank and even in that chaotic environment, Citi has been handled restructuring even worse. Motivation is incredibly low and the cynicism is rampant amongst staff.
I wanted to add that I agree on the below: Multiple C16s (yes) in my division claiming they don’t know anything. Please.
I am C14 and mostly in the dark, except for the random moments where my manager asks me to rank the team. It is C15 with input but C16 that makes the final decision. They will all act like they don't know anything but I've watched C15 submit a list and C16 remove an entire team. C15 is then informed and they will hold meetings with those impacted. Fortunately, there is no impact to my team yet, but I have told all my directs to start applying since November. Citi is a sinking ship and no one with an ounce of talent or smarts will put up with this until 2026.
@hsc+1qK4xvFQ OD Principles
It does feel disorganized and hectic. It also feels like the reduction targets or quotas have been cascaded down.
Our C15 was moved into a different division. We, his group, supposedly too, but under a new boss. Responsibilities are not split or defined, but each of us started getting lots of questions about respective BoWs and time spenton each task.
Verbally, we were assured everyone was safe, probably because we have an important project going on through March, but being through the same ordial before, none of us has faith or trust.
Looks like Citi will get rid of a major chunk of 20K right away and will face the proverbial p-o hitting the fan.....then, perhaps a new consent order and a new hiring spree
OP: I think you are confused. The future layoffs will apply to more than just C13/C14. In my dept alone, I know with 99pct certainty that at least one C15 and one C16 will be leaving in a couple months.
@1jyy+1qK4xvFQ: On a recent conf call, one longtime employee was raving on and on about how smoothly and quickly the current reorg is going compared to prior ones.
Jane does not care whether or not you think this is the worse layoff attempt or not. She’s not a visionary but rather a hatchet man (person\woman\whatever). She will leave behind scorched earth and once Citi is decimated she will leave.
Its the biggest folly ever to think that she actually “cares”.
I'm a C15 reorged people leader and have had zero input into who on my team moves teams, stays with me, or goes. People who have zero idea what I or my team do, their expertise, and value lay are calling the shots. I've been through reorgs and layoffs at 3 other large companies and this is BY FAR the worst and most disorganized.
As mentioned earlier in some post all C14 /SVP roles are being eliminated.
Why are people saying C13/C14? I've already seen a few colleagues fired in C13 range.
It is a new policy as of last summer. It doesn't mean you can't have SME IC's but those are different roles than a Manager. If you only have 1 or 2 reports, then they can just report into someone else.
Post ID: @hsc+1qK4xvFQ: always wondered how a person can grow in a career without being a subject matter expert. Only at Citi 😂. But it is true, btw. My manager and a colleague of mine are totalschaden, and I am the subject matter expert of the team with 0 reports.
Where did you get that having less than 3 directs, will result to elimination? This is complete nonsense. There are SMEs at C16 level with no directs at all. Anyone who has worked in the industry for more than a year should know there are 2 tracks to progress. Managerial responsibilities and/or subject matter expertise, without necessarily being mutually exclusive. Else, you have no idea how banks operate and maybe you be on the redundancy list.
Decisions will be made based on the BCG input. But they will be mainly made by the MDs of the respective teams.
If you are a C14 or C13 manager and have less than 3 employees under you now since the layoffs, your job will be eliminated or you may be lucky enough to move over to another team. You must have at least 3 employees or your job will be impacted.