Citi is following dop down approach. The layoffs started this year by removing more than 50 middle and senior managers. In coming weeks they will give pink slips to lower managers and employees.
It's part of company restructuring and resource optimization
I agree!! Citi is very bad about laying off workers and hiring others in there place. Why not put the ones they are laying off in the other departments? Well we know the question to that don't we? It is a pretty crappy place to work. There are very few good managers there. It is not what you know it is who you know to get the manager jobs!! There are a few good things about working there, but not many.
Citi laid off people globally in mortgage, compliance, operational risk and commercial lending risk the end of quarter #1.
Citi actually laid off training and compliance folks in the last few weeks. Very sad that groups that provide support and mitigate risk are no longer needed
This is typical of Citi. They keep reducing resources and not replacing them so the work falls on the people remaining. They either get frustrated and leave (and positions doesn't get back filled) or get too much work they go on leave or eventually get released due to lack of performance. Its a very crappy environment to work in with politics, back stabbing and posturing.
Where are these 50 layoffs and others going to take place?
Citi's Technology organization is going to be hit with a major downsizing. Already one global Technology head (MD) for their offshore consumer business and one of his lieutenants have been put on garden leave. More to follow soon.
With the new consumer banking head Stephen Bird deciding to create a Fintech unit within the bank, the existing technology unit will be under pressure both for budget as well as projects. This could lead to the eventual dismemberment of the existing technology unit.
How nice considering they have now hiring in every newspaper and website. I hope they reposition employees. If not they may end up like Wellsfargo. Wellsfargo was hit with fines and lawsuits laying off workers and abusing the Workforce Reinvestment Act tax credits. They were hit federally and statewide.