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June 30, 2024
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Based on the WSO Dataset, there's a notable concern about layoffs at Citi, with discussions indicating that layoffs are anticipated across various departments, including ECM, lev fin, and even M&A. The context suggests that these layoffs are driven by financial performance issues, such as missing targets. While the specific timing and departments affected are not detailed, the overall sentiment within the discussions points towards a broader strategy of cost-cutting.
Given this backdrop, a sudden department meeting called by an MD, especially at an unconventional time like 5:30, could understandably raise concerns among employees about potential layoffs. In the finance industry, and particularly within investment banking, such meetings can sometimes precede significant announcements, including restructuring or layoffs.
However, it's crucial to note that while the context provides a general sense of apprehension regarding layoffs at Citi, it does not offer specific information about individual department meetings or their outcomes. Therefore, while it's reasonable to be concerned, it's also important to approach the meeting with an open mind and prepare for various possible outcomes.
Sources: Citi is about to layoff (more) folks, Citi Layoffs?
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