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?
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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
Project Bora Bora. Seriously what kind of idiot decides to call it that. CEO is a bigger clown than Solomon and that’s a tall order
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
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