Most impacts will be felt before the end of Octoboer since the firm has to give 60 day notice per most states (WARN). It is my understanding that no area is safe even those "under consent orders" as the firm can just tell the fed they are consilidating business units and push the work elsewhere.
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Employee morale is super low due to the uncertainty and lack of information provided. Many projects have been cancelled or are not moving forward. The longer the whole process takes, the more productivity will suffer.
The earlier the exercise completes, is better for everyone
The layoffs are part of their master plan to raise the stock price. I think the focus is removing redundancies. Do we really need a 60 page deck that can be combined into a 3 page deck? How many CoS do we really need? Why is the budget process so complicated? Do we need 15 approvals for a headset? What about access to software? It’s all about consolidation and elimination
That is 100% correct
My friend’s company kept him on payroll for 60 days and didn’t have to come to work. Got all benefits for these 60 days ( this in addition to the severance)
They don’t have to give WARN notice in advance. They just need to pay out the WARN period of 90 days ( 60 in some states) if they don’t.
Guess, it would be non revenue making groups like CTO and technology like production support which are already mostly offshored
Their holding all these townhalls and not being specific. Just on what the new structure will be. Which businesses will be impacted? They already removed all of PBWM leadership and moved them elsewhere.
would internal audit fall within the layoffs
my guess would be 17% of the workforce would bring headcount down to 200k even
Always around the US holidays.
"Merry Christmas. You did a great job, but here is your package."
Were layoffs performace based?
If WARN regulations apply in this case, Citi will either post the notice, or pay out the 60 or 90 days ( NY is 90 days). Like they did in March layoffs
@zje+1oH86ajY It depends on the state. Most require at least the notice to be posted within 60days, actual termination timeframes can vary
60 days is a lie. I have had 3 different teammates laid off already this year, and all were terminated 2 Fridays after being told.