And then Citi Fired under the pretense excuse of "Layoffs" the high caliber talent-Svckers Citi lured away from GS and JPMC, because those high caliber Svckers were proposing changes, fixes and recommendations to a Drvg User-Citi who didn't believe it has problems that need to get fixed.
And so Citi is always on a vicious cycle Merri-Go-Round Carnival Circus of Chaos, Consent Orders, duplicative work, incompetence, etc..
Lather, Rinse, Repeat
@qk
Separation of duties = many different teams
Regarding the perceived redundant work, I think thst after years of neglecting certain areas the company needed to accelerate work and they started on many fronts, to get as much things done as possible and to figure out what works best. Now that needs to be fixed and duplication of work removed. That's why they are consolidating teams doing similar things which results in bigger teams which should subsequently be cut to size. That makes sense.
Another thing is that when the company started that work, it did so relying on internal staff, then subsequently high caliber managers were hired from outside and saw that mess and couldn't believe it.
I heard many complaints that internal "talent" was not promoted, but internal "talent" created this mess in the first place (including the messy attemps of fixing the existing mess).
The company desperately needs some fresh air.
@nk It's not even close to pretend to be busy. I know plenty of H1B employees in risk department traveling all the time but never showed up in the office.
@cq next consent order sums it up perfectly
Good. For at least 8+ years multiple teams within each of Risk DART, Risk ERM, Risk ORM have been basically doing duplicative, redundant work just so they can look busy and justify their existence.
A total waste of Shareholder money and time.
Someone on thus site previously posted about the Red, Green, Amber BullSh!t work. The poster was spot on, accurately and articulately described the shenanigans and BullSh!t "work".
There will be more cuts within the risk management space across all locations in September, guess that Citi doesn’t need to keep Risk until next series of reg fines
Typo: head honchos, Not ponchos
What you described is a Maf!a relationship called the Citimaf!a.
The Capos or head ponchos, MDs, Directors, SVPs know who on their teams are getting the Layoff Axe 🪓 and are getting WACKED, But THEY THEMSELVES dont know if they're also getting WACKED, the argot within the Maf!a.
Some of those very same MDs, Directors and SVPs know their own heads could also be on the chopping block.
How common is it for senior technology leaders (SVP) to oversee critical risk without ever having had hands-on access to the codebase it self ?
I heard from several SVPs that more layoffs are coming in September. Get your resumes ready. Many people in risk will be impacted.
I’m from high like way too high to be looking at this but the big is one coming. Better gather the bootstraps
this forum is pretty accurate in disclosing the layoff plans.
agree with a previous post: ppl talk. my friend is a D who are pretty friendly with MDs inside and outside of their org - that's how it works. September layoffs gossips were always out there, even though I personally, have no insights of the severity of those. but we were alluded to severance budget increase in 2h , weren't we ?
tolltal number of cuts will only be evidents from FR Y-9C reports somewhere 2 month after quarter close.
4Q26 should see no layoffs. 1Q27 has been communicated in multiple press releases as finalization of restructuring with supposedly final round of cuts.
i personally believe suits' insatiable appetite for stock price-related bonuses will drive surgical layoffs with cheaper replacements in Mexico , Poland, India well beyond 1Q27. ...until the next 100B sc--w up, a consent order or a massive losses.
I've also heard Sept 16, so far I know itll be a blood bath. I'd advise applying out almost all department are at risk including call center
@bj Because those MDs may be sharing information with Directors and SVPs and those Directors and SVPs then share within their networks. I heard as far back as in MAY that September was going to be a tsunami sized layoff from an SVP with a close working relationship to an MD who direct reports to the Data head honcho MD. They all talk....but they are also not sharing who is on those final lists. So while there maybe mgrs who are aware who on their team maybe impacted THEY are not aware that THEY are also being impacted. MDs/Directors who may be part of decisioning for one previous round may not realize they are part of the list on the next round. All this has to be planned WAY in advance due to the size of these layoffs and all the regulations and administrative work they have to complete to cut off their technology access and HR processes across multiple states and countries. To be clear there have been multiple forums posts about September being the big one for consent order layoffs. So no this is NOT SECRET. This is CITI where you network and relationships matter more than policies and discretion and confidentiality.
@bj The post says Sep 16th is Wednesday. You are worrying too much.
@OP, What is your source?
Are you from HR or a Business MD (C16) who is privileged to having knowledge of upcoming major decisions?
This is far out enough and a major event that only high level management would know.
For the sake of transparency- - as the saying goes, “To be forewarned is to be forearmed” - - can you share which LOBs are affected and which locations, as well as the types of functional roles?
It’s obvious that Citi is embarked on an aggressive plan to trim their ranks. I just wonder if the decision makers are knowledgeable enough and wise enough to fully understand the impact to Citi’s operations post these aggressive cuts.
I guess EMT is taking a calculated risk and hoping for the best.
Could Peer competition be driving this?
@a9 They don't want to hurt the daily business.
Why are they doing it in stages instead of in one go? What's the logic behind it? Is it because they will be firing now those who fired people in the previous round?