Citi Layoffs Today - UPDATED
Comment if you’re aware of groups / divisions being impacted. Group Name or Coverage vs. Product group Number of people / titles / etc. ———————————————————— SEPTEMBER Healthcare: 1 Director, 1 Associate Tech: 2 MDs, 2 VPs, 2 Associates Media & Telecom: 1 MD FIG: At least 1 VP Industrials: 2 Directors in 1 vertical Another Coverage Group: 1 Director, 1 VP, 2 Associates
UPDATE: Rumor is next round of layoffs will be on November 13th. Targeting C15 and above (Directors and above) and then will handle more junior individuals closer to year end.
UPDATE 2: 10-15% layoffs according to news and a presentation posted by Citi. Best of luck to everyone next week…
Which office / region?
NY
Confirming this. My group just had a call letting everyone know cuts had happened. Was obvious who by who didn't attend the call.
How many people impacted in your group?
what was severance?
2 months
was this for analysts
bump
Another coverage group: 1 D, 1 VP, 2 ASO
How was Houston impacted?
heard ~7 in one IB supergroup
Which one?
TMT
What’s the word on TMT
6 in Tech, 1 in Comms
analysts or no?
analysts or no?
Anything from the Healthcare team in NY?
Believe it was only one ASO.
1 ASO + 1 D
I’m in Coverage #3, can confirm
Anything in FIG
bump curious about FIG
At least 1 vp in banks
90% layoffs, word is bank is teetering on insolvency and may need to be taken over by DC Advisory. We're all gonna die! Cover your balls!!!
I’m not covering my balls. They need to air out
any news on asia lol
Coverage 2 = Tech
London?
Public finance?
Anything on Capital Markets?
Any news on Risk guys?
Think they‘ll need them tbh
Bump
UPDATE: Rumor is next round of layoffs will be on November 13th. Targeting C15 and above (Directors and above) and then will handle more junior individuals closer to year end.
Source?
Interesting
In London, heard of at least 2 juniors who were told to start looking around because they'll be included in next round (by end of year)
Analysts?
Anything on Consumer or Real Estate?
What’s the point of doing so many smaller rounds. Why not do bigger cuts in one swoop?
Maybe to avoid one big severance cost? Or maybe to confirm that you need to ruin all of those lives before doing so
Anything in ECM?
Anyone hear anything? Saw an article that next wave started today
Which groups?
bump
For ib?
Most likely retail, consumer and possibly markets groups
What is considered retail banking? Is that commercial banking?
seems like "Headcount will be cut by 5,000 people in the current reorganization, while another 5,000 employees and rest from support functions. Managing directors in the bank's markets, risk and investment banking divisions were told in separate calls Thursday that they will be let go" and more information to come this week
Would that impact juniors if senior team members go elsewhere, or do people just get promoted and fill the spots?
Would think the latter
Depends on your business line. BCMA you’ll probably get the boot too, but TTS has been told they’re protected
Heard entire distressed debt trading team laid off, can anyone confirm?
How many people is that?
Did any people quit after getting bonus?
One guy in my group just put in his resignation lol
bumping this thread…
any update here?
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