“ Fraser emphasized that executives are striving to move quickly to reduce uncertainty among employees about their roles. Additional phases of the overhaul will be announced early next year, with the full restructuring expected to be complete by the end of the first quarter.”
With only 10% of senior management getting let go …. The big impact / pain will be on the lower level as they merge teams. Handpick the ppl they want to keep …… January will be the most painful month
checked my ms outlook 365 - used to have email messages dating back to 2011 - now earliest I can find is from 2021. like in Star Wars attack of the clones, they are executing ‘Order 66’
Few projects. No clear information. Uncertainty. Low motivation. Low productivity. 8-12 more weeks waiting for decision who stays and who goes.
Why is Citi automatically deleting emails older than 1 year.
Allegedly, the figure was about 12%, but I agree with you: I am surprised at how many were allowed to keep their job. Now, some of these do-nothings will be asked to make some tough decisions. It is possible some of these senior managers will be asked to help with the decision-making, and then once the cuts are done in January, some of them will themselves lose their jobs later in 1Q.
Also …
Citigroup's CFO Mark Mason plans to say more about the bank's restructuring next month at a banking conference in New York.