Citi Layoffs Affecting Conversion Rates
Will Citi's recent layoffs affect SA to FT conversion rates for the summer of 2024, regarding the IB/Markets programs? I heard there will be layoffs through 2026 wondering if I should be worried.
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I don't know where you saw that there will be layoffs through 2026, but that's not correct.
No, layoffs won't affect SA to FT conversion rates.
they just announced it today..
Oh, I see it now. My mistake.
Admittedly the return offer rates in some groups were lower this year specifically related to this, so would expect so. That said, they’re typically still pretty high
Citi's return offer rate is a big marketing thing for them to future interns, doubt they will make any major cuts. The 2024 interns were also hired recently enough that the market was down, so class sizes are likely already a good bit smaller.
I read these job cuts are more for the consumer side of banking, so not IB specifically. Don’t think there are any direct effects for IB or conversion rates.
Wasn’t their return offer rate like 60% in some groups?
Think offer rates expected to be lower
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