Thread regarding Citigroup Inc. / Citibank / Citi layoffs

A Random Walk with Citi Financial Statements

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.

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| 1811 views | | 13 replies (last October 3, 2023) | Reply
Post ID: @OP+1oT9L2yV

13 replies (most recent on top)

It’s just annoying to see people on this site and blind or fishbowl posting like all the info was an email, never bothering to even click a link in that email. Or go past the homepage when they open a browser. No not all the details are there, no one can say if you or your team is safe, but there is a fair amount of info that would answer at least a chunk of the basic questions being asked repeatedly across anon boards. Be a bit proactive!

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Post ID: @1qfv+1oT9L2yV

Everyone has access to the Hub, assuming you work at Citi.

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Post ID: @1bjw+1oT9L2yV

Not everyone has access to this hub / sharepoint.

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Post ID: @1lrz+1oT9L2yV

I understand both perspectives here. Some people should try to gain a bit more insight through the Hub documentation, but I also understand and have seen that it js is surface level at best. And - there is no reason to be condescending to anyone - we all hate this unknown period. That said - ther is a chart that displays which orgs are moving and to “where” with the transformation in that may add value for some people and groups, despite the fact that it lacks any substance or additional detail.

As for folks like me - I’m in Risk Management - however - we are now told we have been placed into O&T. We matrix to one group, roll direct to another. Neither of the two are the risk management org. One is head of O&T the other is head of some additional functions. Our titles though, are risk management. Therefore, reviewing the documentation for someone in a position such as mine…where we fit into many of these broad “groups/orgs” - we still have no idea what is going to happen with our roles. Please be considerate of the fact that some people’s roles do not fit neatly into the chart and the business is still holding out on information for us to get any clarification.

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Post ID: @1cnr+1oT9L2yV

Not everyone will have access to these docs. There was no announcement as such at granular level

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Post ID: @1npd+1oT9L2yV

People really don’t read the info on the Hub. There’s an entire table showing x group moves to Y org etc. what regions are combined, Etc.

Seriously, one thing to ask questions, another to want it spoon fed to you.

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Post ID: @1cig+1oT9L2yV

Sadly, Citi lacks true innovation. Instead of embracing the future, there is a culture of fear. Fear and lack of vision are driving the downsizing. It is going to take years to recover from the weak perception created by the layoffs announcement.

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Post ID: @kgr+1oT9L2yV

No such sharepoint or charts or FAQ showing group mergers or eliminations.

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Post ID: @wmb+1oT9L2yV

All the info has been in the announcements. Look at the Hub/sharepoint and read the info, there’s a chart saying what groups move to client, to USPB, to O&T etc. There are Org charts of all the EMT minus 1, there is a ppt/FAQ.

Stop posting silliness educate yourself on the actual restructuring

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Post ID: @tmd+1oT9L2yV

Please share list of groups/orgs that are merging, moving, or being eliminated.

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Post ID: @qdr+1oT9L2yV

They already announced what groups/orgs are merging, moving, or being eliminated.

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Post ID: @hyp+1oT9L2yV

Jane said she would give layoff #s after Q4 earnings, not Q3.

PBWM no longer exists.

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Post ID: @rwn+1oT9L2yV

Makes sense. Sounds valid@

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Post ID: @gwc+1oT9L2yV

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