Thread regarding Citigroup Inc. / Citibank / Citi layoffs

@1kg

What you stated happens in Risk DART, but the favouritism and politics are systemic and firmwide all throughout Citi.

If you're Not legacy Risk DART not only will you Not be given the substantive projects, work, assignments, promotions etc., but you'll also have a Layoff target on your back because you're the unwanted Red-Headed Step-Child that was inherited after all of the team/group mergers.

As you stated, weeks or months later Citi realizes it Laidoff resources with SME or institutional skills and knowledge Citi needs.

Then Citi ends up posting job openings for the appendage or organs Citi Stup!dly cut off !

This cycle happens over and over again because Citi Never learns from its mistakes. Hence, the endless cycle of Consent Orders, operational and technological problems.

Lather, Rinse, Repeat

During my tenure I definitely saw where large reductions in staff to make expense targets were decisions were made re: loyalty. It was purely subjective and a means for said MD to not layoff “his” team, but to lay off the majority of a team he inherited he found useless. Funny thing, legal mostly turned a blind eye as did HR. Months later had to hire for most of the roles that were RIF’d once the realization sunk in that a good technical resource isn’t necessary a good PM.

Performance layoffs are a regular thing, not exceptional circumstances and I'll be honest, Citi in my experience made the process too long to get rid of a poor performer (I was a manager most of my 25+ year career). Other layoff reasons had different drivers which were normally from the business - shutting down site(s), pulling our of particular geography or businesses in a country, country politics / tax breaks revoked (expense of doing business), location strategy (I moved whole functions from one country to another to say 60+% on operating costs yearly for example), or simple expense reduction by reducing headcount. If it was expense reduction primarily if you're in a London/NY/SG type location I could meet my target affecting far fewer people, and sometimes it was cr-p from McKinsey or others about "total headcount" or "number of people in a reporting line" and nothing to do with expense/performance and honestly that was the worst as it made no sense.

Citi’s Hunger Games have a simple rule: merit gets you nominated; favouritism and nepotism decide who survives.

I love how the most popular comments keeping getting censored by the mods, which is fine but doesn’t change the fact that Indians are running this bank into the ground

No it should never be just about performance.

That would be a nonsensical people strategy

There’s other factors as others have mentioned

Jeezus

@bd

What do you mean Only "one of these people is in your management chain above" ??

Try 75% to 100% are in the "management" chain above in addition to your coworkers on your same C-Level.

@bb Probably the most correct answer. Especially if one of these people is in your management chain above. They have to clean house for their family/friends.3

@an

You and the OP are thinking logically. Sh!tibank is NOT and Never will be logical.

When the competitor laid you off and gave you a list of reasons, you probably fell into more than only one reason for being laidoff.

Probably at least 2 reasons/variables.

Score assessments are used to rank employees in teams. But, it is combined with other factors such as location strategy, stakeholder presence, cost etc.

There are various strategies. I was targeted because I was remote. Citi made me remote btw by closing my site. Despite over 10 years remote as a high performer, RTO pushed me out.

Sometimes it is. It's various, and they never really pin point.
When I was laid off from a competitor, my package stated you were selected because of one of these categories:
Tenure
Performance
Need for role
It didn't say which category I fell into, but it did give categories. I'm not sure if Citi is the same.