Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Keep in mind that you are 100% guaranteed to NOT find a job outside of Citi, if you never try.

Taken from another post but still applies here.

“ Rule out of fear, make sure you capitalize on the desperation of the employees. Those single income employees who provide for their families and\or those who desperately need the insurance are prime targets. Use the fear of laying off to squeeze in those extra extra long hours everyday and still don’t reward them at the end of the year. At the slightest hint of displeasure remind them that they “need” this job.”

Besides the vague and obscure Town Hall meetings, there are the useless, waste of time and equally vague BullSh!t "Listening Circles" meetings.
The meeting Hosts say "We're here for you, to listen to your concerns (aka euphemism for complaints, grievances and frustrations) about anything and everything, Bullsh!t, Bullsh!t, BullSh!t, etc.." And then when employees actually start voicing their complaints and frustrations about (NO) promotions, (LOW) salaries, (LOW or Non-existent) bonuses, RTO etc., the meeting Hosts then say "We're bound by Citi HR policies, or Citi policies".
Hint, Hint: When employees are repeating the same MotherFvcken complaints over and over and over again on the VOE, in meetings, on www.thelayoff.com and other avenues, CHANGE THE MOTHERFVCKEN OUT-OF-TOUCH OBLIVIOUS CITI & "HUMAN" RESOURCES HR POLICIES!!!
Insanity is doing the same thing over and over again and still expecting the results or outcome you want even when they do Not and will Never happen. Albert Einstein is quoted as saying this. But We all know Citi is NO Einstein.
If Meeting Hosts' ONLY reply during every "Listening Circle Meeting" is "We're bound by Citi HR policies, or Citi policies" then why even have the MotherFvcken Useless meetings to being with??? Why do I attend theses !d!otic Out-Of-Touch meetings??? I attend for Entertainment Purposes because I know exactly how the meetings will turn out. SOS=Same Old SH!T !!!

Citi talks about “pay for performance” but then they restrict promotions for people who perform. This sounds like the senior management is intentionally making it so people leave so they don’t have to lay people off. by Anonymous Post ID: @1xhz+1vtDPyzZ

There has Never been a time or Employer when it was a good idea to derive your self worth from your Employer. Your job is Not your life and you must Never be defined by your job or Employer.

Unless you are self employed you are a fungible and expendable widget No matter if you're the best employee in the Employer's history or if you brought in Trillions of dollars in business for the Employer. Employers will Lay you off no matter what and throw you under the bus. We care all faceless numbers. Employers do Not give a Flying Fvck about their employees and do Not care about them, their expenses, health care, mortgage, child care problems, retirement planning, etc..

Most companies fake it better than others and make their employees think or believe the employees are valued, cared about and that the employees should kiss the ground the Employers walk on just because they're permitted to work there.

I love this post.

https://nypost.com/2024/10/31/business/ex-citi-bankers-urge-ceo-jane-fraser-to-claw-back-bonuses/

I can’t wait to leave my toxic manager.

I can’t wait to leave. I’m so tired of this company and the way they treat employees.

I’ve seen way too many times where Citi would use the “layoff” or even the implied threat of an upcoming layoff to quell any disgruntled feelings of getting a low to no raise at the end of year. “I know you were expecting more but hey, there may be a layoff coming so just be happy you are still here”.

Post ID: @5dhf+1ritECny Does your Sonic B0om mean you'll release a big F@rt or you'll run around the Citi floors clicking your heels while you say actor Bruce Willis' line, "Yeepee Kayay MotherFvckers!" ??

When employees hate their jobs they have one foot out the door and are actively Interviewing to get the other foot out of Citi. By then, they're doing the bare minimum work and NOT giving or suggesting the optimal more efficient solutions for work issues that will save Citi more money and time.

And by then, employees are doing a Half-@SSed job giving only superficial or Not optimal solutions for work projects because what's the point in going above and beyond the call of duty when you're Not going to get the salary or bonus increases or promotions for working harder??? Save your work, efforts, optimal solutions, skills and knowledge for your New Employer (NOT Citi) who's willing to pay for them.

Citi has never cared about their top talent. If they did, there would already be a mechanism in place to retain them. They’ll keep the tenured staff at the same salary +0.5 to 2% increase per year, in other words below market value and think nothing of hiring a less experienced person at market value which happens to be 20K or more than the tenured staff.

There's a poster on this site who claims to be from HR and said that one level up transfers get only a 15% salary increase and lateral moves get zero. This is a disincentive to remain in Citi and the only way up is out of Citi. Also, I heard Citi does Not allow internal employees to skip a level, for example SVP to MD, skipping Director; VP to Director, Skip SVP. So the only way you can get promoted to 2 levels above and get the higher salary is by applying for new External jobs with a new Employer, Not Citi.
The only employees who choose to remain in Citi are the Low Caliber ones who can Not get better jobs outside of Citi. Thus, the vicious cycle continues where the Citi Potemkin Village of !diots can Not retain or attract quality employees who are the ones who can actually Fix Fvcked Up Dysfunctional and Destitute Citi.
It makes NO sense to remain in Citi for Citi's bread crumbs 15% salary "increase" and 0% lateral moves. So for example if you see a Citi job posting with a salary range $150-$200, and your salary is $100, the most you'll get is a 15% or $15,000 salary increase! Yet, Citi will hire an External job candidate at the maximum $200 ! This is truly FVCKED UP! But then we're talking about FUBAR Citi !

Post ID: @rle+1uILkkbB Citi is a Totalitarian State and Oceania. The VOEs BullSh!t are just a type of Invasion of the Body Snatchers movie where Citi wants to know who does Not Drink the Fvcked Up Po!soned CitiKoolaid.
And we're all supposed to Fake act chummy and be friends, expected to attend lunches and get-togethers when all or any of us can become UNPersons at anytime just like in George Orwell's book, 1984. So much for friends and friendliness when we can get the Boot and Sh@fted at anytime. We're all disposable No matter how good of a worker we are. As previously posted, Employers (and especially their HR and Legal Departments) are NOT your family, friends, allies or advocates NO matter how nice they are to your face ! HR, Legal and Compliance do NOT work for the employees and Not even for the CEO. They work for the Employer-Company. Trust NO One. Your Co-workers are NOT your friends, family, allies or advocates.

We all know that any bonus and\or raise will be minimal unless you’re in a role that actually makes money. A sad story will be given that ‘times are tough’, just be glad you get to keep your job. There are still hard choices to make, yada, yada with the undertone that layoff are still in the talks….. Then a month or so later a press release on how Jane gave herself yet another raise.

You know it, I know it, we all know it. He-l Jane even realizes that everyone knows it and nothing will be done. Rinse, repeat and more of the same. If you’re happy with more of the same, then by all means, stay where you are. If you don’t like your world, then change your world and go somewhere else. True it very well may be just as bad or even worse than Citi but one thing is for sure, they most likely will pay you a whole lot more than what you are making here at this multi million dollar company.

When your focus is more on surviving rather than thriving, its time to leave.

Maybe they already used that ace and this is as good as it gets.

All of the heavy hitters I know from tech, to project managers and managers have all said the same thing. They’ve had far more than enough, they are…..DONE! True, they need a paycheck but not necessarily a paycheck here. They are not waiting for the job market to improve, they are making moves now. I can’t even imagine the influx out of Citi once the market gets better.

Some were made counter offers (increase in pay) to stay for which was turned down. One of them….and I kid you not, was made a counter offer that was 20K less than where they were leaving to. Who in their right mind would say “Sure, I’ll turn down that extra 20K per year in order to stay here”. If Citi has an ace up their sleeve in order to retain top talent, they better use it now.

What’s funny to me is that when you turn in your resignation, its at that point Citi comes across with more money as a counter offer. They wait until you leave to start showing appreciation to try to keep you here. If they really cared, they’d never let it get to that point to begin with.

The time is now. As you can see the managing directors are following Jane’s advice and “getting off of the train”. They are moving on to other companies. The stock market is recovering and is hitting record highs. Companies have started hiring. Its time to move forward which means if you work at Citi…..translates to onward.

Reach out to your network outside of Citi, polish up your resume and give it a shot. One thing for sure, if you don’t then here at Citi, you can expect more of the same and if you like that bitter taste, then by all means, do nothing and remain.

https://www.cbsnews.com/news/job-cuts-reasons-for-layoffs-2024

Journalism isn’t what it used to be: company laying people off to prevent severance? Person doesn’t know difference between firing and layoff. This only works if no severance policy.

https://www.cbsnews.com/news/job-cuts-reasons-for-layoffs-2024/

Every week we hear of talent leaving Citi.

https://www.msn.com/en-us/money/companies/citi-advisors-managing-3-billion-depart-for-alpha-capital-family-office/ar-BB1qpHPz?ocid=BingNewsVerp

Its getting close. The interest rates are lowering, businesses are starting to hire, like Wells Fargo. Even if the FED fails and we enter a recession anyway, it’ll be a short one. Jan of 2025 there will be a hiring spree across all sectors. If you truly want another job away from Citi, by this time next year, you’ll have plenty enough opportunity. Be patient, sharpen your skillset, put out job alerts for yourself on your favorite job seeking sites, brush up your resume and be ready. Your chance is coming.

Follow Jane’s example. She took a pay raise while others were being let go. This example equals “look out only for yourself”

Don’t forget, if you don’t like it……”Get off of the train”.

As others have already posted, a true, real Leader will Not and would Not have taken a Salary increase when the Company is going through Mass Layoffs, hundreds of thousands of Employees amongst Citi's 260,000 (before Mass Layoff started) received Zero to Lilliputian Quark-sized Salary "increases" and/or Quark-sized "Bonuses" AND are struggling with paying for the basics because of INFLATION (food, housing, medicine, gas/petro (in UK parlance), etc.). Marie Antoinette, aka CEO Jane Fraser, only confirms and substantiates that she, along with Citi's Executive "Management" are Insouciant Avaricious Greedy P!GS !!! by Anonymous Post ID: @Hcis+1qUnLxKY

The last half of this year and\or the first part of next year will be a stock market “bull run”. In turn the job market will improve. The time for all who are displeased with the way that Citi operates and treats their people, to move on to another company is close at hand.

Post ID: @5dhf+1ritECny Google JPMorgan Chase The Art of Writing A Farewell Letter. ROTFLMFAO ! http://theclosetentrepreneur.com/the-art-of-writing-a-farewell-letter
by Anonymous Post ID: @Snbw+1qvwCb1l

I know of some heavy hitting tech talent that are combing the job boards like never before and are networking outside of Citi with any and all companies they can.

They don’t like the way things are unfolding so they are adhering to Jane’s advice and are…….GETTING OFF THE TRAIN!!!!

Citi will be hard pressed to find the same level of talent for the same salary of those that are packing their bags. I know that for a fact.

I do agree. All its going to take is 1 to 2 instances of the Fed lowering the interest rate to spur an increase in job postings. Externally that is as I couldn’t care less about internal Citi job postings.

Just in my area, there are 54 jobs this week posted vs 0 from one month ago.
It may be slow but it is picking up.

Post ID: @5dhf+1ritECny Google JPMorgan Chase The Art of Writing A Farewell Letter. ROTFLMFAO ! http://theclosetentrepreneur.com/the-art-of-writing-a-farewell-letter

I’m so outta here when things get better. My leaving will produce a very audible sonic bo-m.

*edit - making 70% more $ vs Citi. Negotiate for what you are worth.

There is a life after Citi. You shouldn’t be afraid to pursue career opportunities outside. I was restructured out of Citi in 2018. In hindsight it was a gift since I am making 70% in total compensation vs Citi.
So what appears as “bad circumstances” today might actually be better.

Hang in there. Expect the worst, but hope for the best!

One thing is for certain. No matter if you are a low or top performer, Citi will never pay you what you are worth, that my friends you can count on.

Demand and Supply :-)

During covid these places were DESPERATE for good workers and tbh as I see more baby boomers retiring the desperation will on ly get worse. Not a dig on younger people but the smarter ones are finding ways to not sit in a cubicle or work for a corproation for peanuts and the rest do not speak english so it will remain harder and harder to retain good solid workers.

Another major key is to 100% ignore the naysayers. Naysayers often wish they too had the courage to leave but they don’t. So they try to sell that you are stuck and you’ll never find a job ever. “Citi is the best as its ever going to get for you so you might as well not even try.” I’ve read some pretty lame naysayer postings.

“if you get a job making more money than at Citi, they’ll probably scale back on your pay later so you might as well not even try”.
“they too might lay off later so you might as well not even try”
“benefits are better you say, well they’ll probably scale back on benefits later, so you might as well not even try”.
“they might allow work from home but I bet they change their mind later, so you’re better off staying at Citi”.

Ignore these guys. Sharpen your skills, keep improving and wait to move to another company that’ll pay you what you’re worth and appreciate you like you deserve.