I am an outsider. Analyzing the financials of the company per my friend's request. Please pardon for any wrong estimations.
Third quarter 2023 is on October 13th, fourth quarter is on Jan 12th 2024. The details of layoff will be out starting this week or October 13th.
Citi's Operating cost has increased from 2022 2Q to 2023 2Q around 1200 million. Net income has dropped to 50%.From around 4274M to 2594M. Their stock prices also dropped from 60's to 40's in past 2 years. Definitely not looking good in Financials.
The PBWM group is showing a consistent heavy loss in net income for past few years. From the past year, Citi is increasing its credit reserves. that makes its loss % high. The retail services and banking are not doing good and shows less revenues. Citi doesn't needs a large technical group or Business functions to manage this area. There will be a large layoff in these zones.
Chances are Technology team's might be retained for other divisions or made as a common group(more Horizontal). but Business might be dropped. In another thought process, all development in these projects might be dropped and projects will be run in maintenance or Business usual mode.
There might be a merger of all these groups so Company can hide the loss of PBWM and push technology for a common place. If there are duplicate, internal products/projects in these areas beware. They will be gone immediately. After merger with ICG there will be another layoff for duplicate project's in technology and business which are not extendable/scalable to ICG. So most team have to retain their best techies to survive.
Best team's to discuss on layoff's is your Business friends as they know what lies ahead for the org.