Citigroup Considering At Least 10% Job Cuts in Major Businesses 13
Citigroup's managers and consultants working on CEO Jane Fraser's reorganization have discussed job cuts of at least 10% in several major businesses, CNBC reported on Monday, citing people with knowledge of the process. Reuters: The bank has warned of job cuts as part of a sweeping overhaul it unveiled in September, but has said it will estimate the scale of layoffs and cost savings in the current quarter. The reorganization, known internally as "Project Bora Bora" according to CNBC, is intended to give Fraser more direct control as she seeks to simplify the Wall Street giant and boost its stock price.
The discussions are at an early stage and the number of people axed could change, CNBC said, adding that the lender had hired Boston Consulting Group for the plan. Fraser's push to eliminate regional managers, co-heads and others with overlapping roles will translate into job cuts beyond 10% for executives, the report said. Last month, Citi said it would cut management layers from 13 to eight. In the two top layers of leadership, 15% of functional roles were reduced and 60 committees were eliminated, it said The bank's global headcount has stayed at 240,000 this year, it disclosed in its latest quarterly supplement last month.
The discussions are at an early stage and the number of people axed could change, CNBC said, adding that the lender had hired Boston Consulting Group for the plan. Fraser's push to eliminate regional managers, co-heads and others with overlapping roles will translate into job cuts beyond 10% for executives, the report said. Last month, Citi said it would cut management layers from 13 to eight. In the two top layers of leadership, 15% of functional roles were reduced and 60 committees were eliminated, it said The bank's global headcount has stayed at 240,000 this year, it disclosed in its latest quarterly supplement last month.
and then the line at the bank will be very long (Score:3)
and then the line at the bank will be very long as there will only 1 teller working. also don't think about calling as the call center will have less staff as well.
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The call centers are probably overseas contractors who serve multiple clients.
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None of those 13 layers of management were tellers.
Thirteen layers, good grief.
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And how many people in those 13 letters have some sort of "Vice President" title?
From what I saw when I did contract work for CitiGroup decades ago - lots of them have some sort of useless & meaningless "Vice President" title to complement their lack of authority & power to do anything.
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Shedding older employees (Score:1)
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Cut jobs to raise stock price (Score:2)
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The rich say they need giant pay to be "motivated", yet they get a golden parachute if they screw up. How is that "motivation"? The rest of us get a tent on Pink Slip Street.
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The rich say they need giant pay to be "motivated", yet they get a golden parachute if they screw up. How is that "motivation"? The rest of us get a tent on Pink Slip Street.
The rich/owner class/upper management class have decided that they need money for motivation. The rest of us respond well to emotional and mental beatings, so they believe money would hold no incentive at all for us.
Finance Sector Upper Management Cleansing is Begin (Score:2)
I worked in IT in the finance sector in New York City for a decade which happened to spend both of the dot-com bubble bust followed quickly by the World Trade Center 9/11/2001 attack which created a economic disaster including a real estate disaster in downtown New York City. After that I worked during the submortgage prime crisis of 2007 to 2008 that was also an economic disaster.
We are currently in another economic slump that people are calling a PermaCrisis and we are going into a re-election year where
Re: Finance Sector Upper Management Cleansing is B (Score:2)
Sorry for the terrible grammar. I was dictating this to Google voice that was transcribing it and unfortunately I guess I wasn't clear enough so it screwed up some of the grammar. Just like it did now as I was dictating the simple sentence.
Ageism in Finanace and NYC Overall (Score:3)
Another poster above mentioned the ageism factor that is very prevalent within the Finance sector in NYC where Citigroup (Citibank) are located. The same thing happened at Morgan Stanley, Goldman Sachs, Credit Suisse, JP Morgan +/ Chase, etc. The director and managing director folks are usually quite senior in age and power but often there at at least half a dozen management levels below them doing the actual day-to-day operations and decision making. Many of these folks past their prime or closer to ret