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Brutal
Analysts expected? Including second years?
Many of the cuts at other banks have been at all levels, including analysts of all years... I wouldn't panic but would be pretty shocked if analysts are fully protected - even being cheap for the bank's scale, they still cost a fair bit of money. The zombie MDs that go first in layoffs are mostly gone so they are just trimming headcount at all levels for 2024
Analyst at Citi informed two rounds of cuts, one upcoming and another in Nov/Dec, I don't remember exactly when s/he said but it was towards the end of the year.
But high return offer rates from what I've seen so likely new class replacing who they're cutting?
any news as to who will get cut? analysts?
How would they know this? Just surprising an analyst would be informed of the structure of layoffs and timing when that is not widely known information they are dispersing at Citi.
They're literally sending emails to the entire bank telling exactly how many people at each level they're going to axe.
Where did you hear about imminent cuts? I read something at the end of November, and more by January 2024
The Analyst said 2 rounds of cuts around that timeline, but things might have changed. But I remember definitely they said 2 rounds this year - although this was back in Aug I was told this
This is for IB only? I’m in the process for an ER seat…
No, it is firmwide with no detail announced but it is certainly not just IB. If you are interviewing with Citi you'd be wise to read the recent media reports, or listen to the presentation from today on their website where they talk about it.
Do you think incoming grads should be worried about their offers being rescinded?
No
No, or course not. CS didn't even rescind offers after they collapsed, so Citi most definitely won't be for just some restructuring
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