Every other day someone asks if layoffs are happening. Yes, they are happening. The layoffs are happening almost every week across different departments and different levels. I think is counterproductive to have 10+ post with the same subject. So let’s make this efficient. If you were laid off or know of some people who have been then post here when (week off) and department. With that said, there were layoffs in wealth management. There were good people with scores of 2 & 3s and tons of years of experience.
11 replies (most recent on top)
Post ID: @7xon+1qShlrRM Management is doing this on purpose. They want you to be confused and grateful for your job and they also want people to quit so they don’t have to pay They want all the employees to be on edge all the time this is psychological warfare
I agree. This is going to be a long process. Still, keeping people in the loop of what’s coming can help individuals make personal decisions. Whether it’s to look for other opportunities, quiet quitting, or just to be in the know. To me is always better to know more than less. That way it doesn’t feel like it came from left field. That said, it’s apparent more people will be out sooner than later because the flow of work is changing and projects are getting cancelled.
"Citigroup Weighs Cutting 10% of Wealth Employees in London
Most roles are from assistant vice president to director level. Moves are separate from CEO Jane Fraser’s broader overhaul
— 50 to 55 role will be cut."
It would be great to get this message out to all the people who keep asking.
- When will the layoffs start?
- Have the layoffs ended?
Citi literally lays people off every week all over the world, in good times and bad, as priorities change, budgets change, local costs change, managers change.
There is no start or end. There is no moment that someone can announce that they or their team is 'safe'!
Citigroup Weighs Cutting 10% of Wealth Employees in London
Most roles are from assistant vice president to director level
Moves are separate from CEO Jane Fraser’s broader overhaul
— 50 to 55 role will be cut.
OP here: Nothing in this post asks for anyone to share names. Just general information so we could keep track of what levels of the organization are being impacted and departments. If you go through the messages, there's only one message that shows names and most of the names seemed to be very high-level individuals whose profiles are well known as well as their departure from citi.
That said, I encourage all to post relevant information and to avoid sharing personal information
Are people so afraid that all they can disclose on here is -- for example -- that a permanent employee in Technology was laid off on Jan 31? (Because if you told us that he/she was a VP then we'd be able to come get you?) I don't get it.
TTS Trade UK, one Managing Director (Asset Distribution) started his gardening leave yesterday.
Other EMEA regional leads expected to exit soon also.
OP here. The wealth management layoffs were this week. All had 5-10+ years in the firm and very effective people.
1/24. Private bank; FL/US
Also 3 more individuals ranging from C14-c12
1/31 - Two contractors gone. UK
1/31 - One perm employee, gone. US
All in tech.
1 /31. Wealth Management 4.5 yrs Citi 30 yrs experience…..Gone