Around 10% is being considered according to;
https://www.cnbc.com/amp/2023/11/06/citigroup-considers-deep-job-cuts-project-bora-bora.html
15 replies (most recent on top)
Citi bank is very much south indian ( Telugu) driven , they made a pack to fire non south indian people. There is no criteria at all
Word is next week we get answers…
It's just managers who are ranking you basis no logical rationale. Most are getting fired because a. They know the real work and managers are afraid of such talents, or b. They are on VISA , c. They have been challenging poor decision making and even if you do that once it's enough , d. They are making racial and cultural differentiation..it's a sh-t shop I tell you! Please leave!
If you believe me please pack your bags and leave. It is just a political place for 'yes' people who either don't know anything as haven't worked at any other bank or clearly are disadvantaged due to managers being afraid of your talent. This is definitely not a Company you should be in. Leave ASAP!
Bora bora is a classy name. It just screams sensitivity.
Today? What are you saying is going on today? Haven’t heard anything
Well, something is totally up today.
It may be named “Bora Bora” for the exclusive paid vacation to Bora Bora that execs will get after firing 20% of employees.
Reminds me of Operation Koh Samui in Meet the Parents
Facts:
Bora Bora is a stupid name. It shows that execs don’t care about workers.
We are only numbers, objects to them.
10% is the start. It could be 15% or 20%. Citi treats workers poorly like big sweat shop. Since we are kept in dark then the best plan is to update resume and start looking elsewhere. Board will not do anything to change leadership because they all belong to same club.
Not 10% of Citi overall. 10% of certain business areas.
Btw- in March, Marketing had a 15% cut and Gonzalo’s old PBWM org had about 10-12% cut. No one blinked.
Classless Project name. What happened to Citi being a bank with a soul???!!! Seems quite the opposite.
To the booster above - yes 10% in specific business units. But I think some could
Go above 10%
I think clearly the intent from citi here (who clearly leaked this purposely) is to gauge market reaction
The article is misleading. It says 10% in several business areas. My read is if a business unit has 100 employees, 10 will be pruned for that business units for all business units they have chosen. At least below one tells that story
https://www.marketwatch.com/story/citigroup-pursuing-project-bora-bora-with-staff-reductions-of-at-least-10-in-some-areas-report-8c3f0742
That’s like 24k people?
Anyone hear how they’re selecting people to be laid off? For example: lowest performers in each group based on manager’s ranking?