Citi Layoffs
Surprised haven’t seen a thread on this yet. Heard that Citi is planning to lay off at least 10% of staff in “major divisions”.
Thoughts on this? What types of functions / levels are likely to be most affected?
Trending Content - Investment Banking Forum
| +149 | AI Creating More Work | 44 | 1d |
| +146 | Senior Banker's Guide to IB Recruiting / Group Placement (with a Healthcare Bent) | 18 | 1d |
| +120 | Is pay at BofA really that bad? | 60 | 2h |
| +84 | Day at Macquarie | 12 | 3h |
| +59 | As Lehman people reconvene at UBS, Barclays needs to hire (2023) | 7 | 1h |
| +44 | Is the life of a VP at a 'top-bank' really good? | 15 | 3d |
| +43 | How bad did I mess up | 10 | 8h |
| +31 | Misrepresented Houston IB | 14 | 14h |
| +29 | Law school instead of MBA for RX Banking | 6 | 6h |
| +29 | No BB RO 2026 | 10 | 1d |
Career Resources
Bump
I have no real knowledge of this but the articles and CEO’s commentary didn’t lead me to believe it was IBD and especially not juniors. Seemed like they feel there are redundant roles at the bank (Co-Heads) were specifically named I believe.
Keep in mind they do a lot more than IB.
Phew :(
Wishful thinking... they start with cutting top execs and move down the chain from there. Not saying there will be massive junior layoffs by any means, but to think it will solely be exec type level is likely not accurate.
Yeah I agree but also used to work at a BB and there’s usually a ton of fat to cut at those levels. Just my opinion obviously.
C has a staggering amount of legacy businesses and I’m assuming they haven’t rationalized those to the extent possible.
Well what's happening to junior talent, then?
analyst on my team got laid off
London or NYC
Imagine ruining thousands of lives and calling Project Bora Bora. You actually can’t make this stuff up
We're the synergies cell now
F
deleted
Bump
No you shouldn’t. We need analysts.
I wouldn't be worried in your position. This matters much more for the low performing Ds and MDs who rode the 2020/2021 deal bubble and havent performed. Even then, the cuts are largely in divisions outside banking that had become bloated like technology and operations.
Every year there are junior staff (VP and below) who turn over or don't perform. I suspect now everyone is hyper-aware and assuming turnover is layoffs to some extent, particularly outside their own group where they don't know the specifics.
Long term it could be helpful if it succeeds in reducing the layers in decision making and unproductive bankers
The pattern in the layoffs seem to be in the Talent Acquisition and Operational Support and/or over-hiring for divisions across all industries. Noted, there has been MDs/VPs being let go, but it is probably because of restructuring. If you're a new analyst or associate, I would not worry too much about your role being affected. Usually most roles being filled (whether it is engineering to finance) are backfilled or planned hiring dating back to one to two years ago.
I was an analyst laid off earlier this year; know an analyst laid off today
Sorry to hear, were you able to find a different firm to join in or still actively interviewing?
.
Was it because of performance?
You think first year analysts are safe?
Are they planning for fire recent MBA hires on the commercial side?
Yes, those without HSW degrees are on the chopping block
How about darden
Multiple threads on this
Was it just a few analysts?
Also interested in this.
I haven’t heard of many, anyone else?
Haven’t either
Don't think it was quite 10% in the end
Does anyone know when a majority of the cuts are expected to come? Given management said before Thanksgiving I'd imagine this week, but just a guess.
Bump, interested in this as well.
I recall Fraser said they would give the number of cuts figure in the Q4 earnings so would likely be before then but additional color would be helpful
Yes this is the week..always historically
is there a hiring freeze rn too? assuming there is
More layoffs?
London IB/CMO Layoffs
2 analysts (N2 and N3) in LevFin
2 Associate DCM
1 Director in Loans
1 Director in TEG
any idea on what severance is?
Banking / Corporate banking structure changes were supposed to be announced on Monday 20th, however this has been delayed until 27th November.
Majority of cuts expected to come in Q1'24. Usual trimmings occurred this week, 37 HC reduction in London across IB and CMO. CMO ones im aware of above, IB 18 analysts are expected to be impacted.
Any new updates? Have seen some directors/vps get laid off this week unfortunately. It’s honestly so frustrating that they’re letting go of so many people in a Bataan death March fashion. People don’t know what’s going to happen with next layoff and the way it’s being done on a rolling basis is just ridiculous.
Did they fire analysts in ny?
Yes.
Citi got rid of all the Muni Analysts across the Banking, S&T, and Syndicate teams. ~40 Analysts across the Muni division. Source I'm one of those impacted.
If you don't mind me asking, what was severance? How long had you been at the bank? I've been hearing all kinds of things but usually 2-4 months salary....
Sorry about the news btw, it's really unprofessional how they went about the layoffs.
Anyone know which NY groups laid off analysts?
Distressed debt trading team axed. Around 20 people.
How many people in muni?
are more IB people getting laid off with the recent 20k layoff announcement?
Prob more back office / middle office expecting to be cut
Anyone know if other BB going to do the same? I mean with this size of layoff
You're trying to compare apples to oranges. Citi is massively bloated compared to other BBs and other BBs aren't going through a restructuring rn, so whilst the answer is "no" to your question, that doesn't tell you much.
Citi has over 200k employees lol
Seems like it still trimming 10% from layoffs then
Bonuses looked mixed - some good some not
Sunt harum recusandae architecto excepturi a reiciendis est voluptas. Dolorem fugit voluptatem velit numquam in. Beatae nostrum qui nemo quae. Quia sequi porro optio quos placeat laudantium molestias. Doloremque voluptatem repudiandae blanditiis aut suscipit esse. Eos saepe eligendi quos soluta. Veniam quo ipsam est rerum omnis voluptates.
Qui ipsum quibusdam eos. Est quia ut adipisci molestiae voluptas ut repellendus. Est voluptatem commodi et nihil. Sapiente neque impedit qui ipsam aut. Consequatur labore reprehenderit hic iure possimus. Eveniet vel ea sed aut.
Alias architecto quia et consequatur consequuntur officiis ducimus sed. Inventore maiores sunt enim voluptatem excepturi. Corporis assumenda quia ad eos labore ut. Beatae aut sunt inventore ut. Nesciunt velit incidunt qui enim modi. Similique nam consequatur sapiente eum.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Rem magni occaecati autem et dignissimos. Dolores non quia quidem occaecati. Autem quibusdam eaque facilis qui.
Ab dolorem ad beatae aut. Ipsam totam nesciunt vel enim corrupti voluptatem quisquam voluptates.
Repellat sint atque ab natus quod. Sit odio esse asperiores vel. Reprehenderit nemo ab doloremque earum sit sequi. Vel eius ut temporibus est velit alias accusantium. Eos consequatur assumenda ea deserunt officiis rerum quibusdam.
Reprehenderit nostrum dolores laborum quos eos. Ratione officiis consectetur aut vitae fugiat rerum. Cum sit occaecati corrupti quas pariatur soluta. Facere quaerat exercitationem exercitationem animi sed voluptatem molestiae. Est in ullam doloremque sit aperiam. Ex laborum ut ullam fugiat illo voluptatem.
Vel dolor aperiam distinctio quia dolorum deserunt vel. Deserunt reiciendis quia possimus eum.
Voluptatibus et ducimus magnam et ut sint nobis. Mollitia consequatur possimus enim ipsum. Quas ullam et laboriosam ut maxime dolorem. Quasi voluptas architecto eum fuga tempora repellendus. Dolores ullam ipsum explicabo consectetur quos laborum.
Dolores ut aut sed sint quaerat cum ad est. Reiciendis dolor est eaque accusamus odio nemo eius. Doloremque ab assumenda quas aspernatur unde et.