Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Here's some perspective on the final layoff count

Wells Fargo has cut 40,000 jobs in the past three years, and according to this article, they show no signs of stopping. Citibank, on the other hand, is in a much worse position efficiency-wise, and the company has been struggling for over a decade. I wouldn't be surprised if we see at least as many cuts as Wells Fargo, and I believe it won't take three years to implement them. It simply can't — the shareholders have reached their limit. Even if they manage to achieve their targets, Jane's future at the company seems uncertain. I doubt she'll make it through the end of 2024.

https://www.reuters.com/business/wells-fargo-cfo-expects-more-layoffs-ahead-2023-09-12/

by Anonymous
| 2422 views | | 7 replies (last November 12, 2023) | Reply
Post ID: @OP+1pvZclOR
Comment! It's anonymous!

7 replies (most recent on top)

So Citi is looking to go back and hire hundreds if not thousands of Temp contractors again like it did pre-2022 and fire FTEs who will be replaced by those contractors ? I hope there are lawsuits galore against Citi from the FTEs , Dept. of Labor etc..

by Anonymous
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Post ID: @3crf+1pvZclOR

How can @1mgn+1pvZclOR say Wells Fargo is "recycling its workforce" when Wells Fargo hired offshore contractors in India and Philippines to replace those same jobs previously held by FTEs?? This is Not the definition of recycling the workforce. If companies like Citi and Wells are hiring mostly Temps/Contractors in place of FTEs to save on expenses (health insurance, salaries, bonuses, pensions) and the number of Contractors is exorbitant this violates U.S.A. Labor Laws. What's to stop all companies from hiring Only Temps/Contractors instead of Real employees/FTEs ?? Their entire labor force could be cheaper Contractors without the Dept. of Labor and other government agencies stepping in to stop the Sh!t Show!

by Anonymous
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Post ID: @1dam+1pvZclOR

The commentors here are clearly in denial, especially @1nyu. Do yourselves a favor and learn about the five stages of grief. It'll help you get to acceptance more quickly.

by Anonymous
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Post ID: @1sbd+1pvZclOR

One other thing. Wells Fargo is recycling their workforce -- replacing a massive number of workers with offshore workers from India/Philippines. So there is natural attrition, forced attrition (via a stack ranking-yanking system, RTO/hub strategy), and layoffs to meet both management's efficiency and offshoring goals.
This and ongoing scandal/compliance issues highlight Wells.
Perhaps we could get in a whose big bank is worst (race to the bottom) race.

by Anonymous
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Post ID: @1mgn+1pvZclOR

Citi already laid off 7,000 this year. And many folks over the last couple years left and were not replaced. I’m thinking this top heavy lay off, with a smattering of worker bees whose role is duplicated within a merging team.

by Anonymous
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Post ID: @1nyu+1pvZclOR

I was at the Stage Coach during the mass layoffs in 2020-2021. Everyone I know and worked with either left or got layed off. I left banking after that.

by Anonymous
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Post ID: @1tvb+1pvZclOR

Wells Fargo also hired like crazy to get out of the compliance mess they were in. They had to layoff once fixing the problems. They got in more compliance messes and same cycle happened.

Plus just the same type of layoffs like Citi is going to have.

It is not an apple to apples comparison.

by Anonymous
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Post ID: @gqt+1pvZclOR

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