Which product divisions is Citi offing by december?
M&A and LevFin is confirmed, but what about FIG? Financial Institutions Group
for the record i’m not just talking about junior level cuts but MD level cuts
and what’s the restructuring plan? 5 product divisions, heads of all of them reporting to Fraser?
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Jesus Christ I am so glad I didn’t go ahead with my Citi SA offer.
CITI LDN IBD looks like a mess at the moment, and with Fraser’s aggressive restructuring plan it shows no sign of improving in the short term.
Every bank is cutting lol, Citi is just doing it later... GS was first in their heavy cuts a while ago, and then they converted less than 50% of SA's. Citi continues to have strong return offers. Restructuring is a good thing. Your loss, lol.
Yeah no shit every bank is cutting, my point is Citi is cutting a substantially more amount of juniors than other BB's in London.
GS isn't going through an aggressive restructuring cycle across their front office. Nobody knows the scale Fraser has in mind in relation to future cuts, and Citi's returns weren't amazing compared to BB's across the board this year either. GS wasn't a great comparison.
Where did you see that LevFin is cutting?
Citi has already been cutting in FIG but probs more cuts coming
No f’ing way … are you serious? I’m not talking at a Junior Level but at an MD level
They fired 2 MDs including the co-head of EMEA FIG Davison + 1 D in November last year, as well as a D in January this year. There's at least 1-2 useless MDs who bring no revenue so they're the next targets most probably.
Any analysts?
Some associates
Some associates volunteered to be laid off because they had an exit opp and wanted the severance. But 2+ analysts got laid off out of the blue.
With cuts of ~10% (and IB is not exactly their top performing business) just about every group will likely see some level of cuts, not just the handful you mentioned
Where did you read the 10%?
It's all over the news
Guess it's 10% in "major businesses" so could be lower % overall, but again IB is not exactly their best performing or leanest franchise so would expect it gets some focus here
https://www.reuters.com/business/finance/citigroup-mulls-least-10-job-c…
When do london teams at Citi get bonus
Never
LMAOO
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