Citigroup Layoffs?
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CaliforniaMan

Rex, GA

#1 Mar 20, 2007
There are rumors of layoffs for the upcoming few weeks. Has anyone else heard this?
CitiEmp

United States

#2 Mar 21, 2007
Prince has stated that he wants 1 billion dollars in expenses cut this year.

I've heard from more than one source that there will be early retirement packages offered and then layoffs if the retirement offers aren't hitting the numbers they want. This supposedly will happen across all the businesses between Arpil 01 - 10.

We'll see.
grouchybear

Warren, NJ

#3 Mar 23, 2007
bornandraised

AOL

#4 Mar 24, 2007
I think layoffs will occur in mid April
bornandraised

AOL

#5 Mar 24, 2007
I think layoffs will occur in April as Druskin is supposed to unveil his plan to cut 1 billion expense by then.
P J Lewis

AOL

#6 Mar 24, 2007
The rumor is that citifinancial will demote, retire or let go 30 Regional Managers and Eliminate all Managing Director jobs. They have forced some Executive VP's to retire and may close branch offices.
bornandraised

Coudersport, PA

#7 Mar 24, 2007
I think there will also be a lot of layoffs in Citi IT as they continue to move more technology jobs to India.
new a job

Lawrenceville, GA

#8 Mar 26, 2007
What about Primerica? Will they have cuts at their home office in atlanta?
citi pride

Evansville, IN

#9 Mar 28, 2007
all the news articles say that the lay offs are going to be in consumer products...
that could be anything from primerica to collections. maybe?
citiBob

Rex, GA

#10 Mar 28, 2007
Primerica is a part of Citigroup. Why would they be exempt from layoffs?
Layoff Unknown

Fort Worth, TX

#11 Mar 28, 2007
Does anyone really know? It is all speculation until the big announcement.
Hey P J Lewis! Is your source a reliable one?
citi pride

Evansville, IN

#12 Mar 28, 2007
Today my manager said that at first it was thought that the 15,000 could be met through normal attrition and we simply wouldn't rehire when people left the bank. However that is impractical when certain buisnesses will cease to function if we went that route. Unfortunately I'm afraid that no Citi function will be safe until after the announcement. We DO get 2 weeks pay for every year of employment, though.. Huzzah! Better turn in touition reimbursement while you can!
citi pride

Evansville, IN

#13 Mar 29, 2007
citimidwest

AOL

#14 Mar 29, 2007
my thing is if they are so worried about cutting back why are all the top execs doing golf outings??? you know thats coming out of the companys pocket not theirs....
CitiSlicker

Lancaster, SC

#15 Mar 30, 2007
I heard the same news; that RM's are a target. Not sure if it's true. We'll all find out on April 16th.
LICCards

Astoria, NY

#16 Mar 30, 2007
I am in cards in LIC. We are hearing they will be consolidating most of the card products that operate in silos back into centers of excellence. they just undid that structure back in October. Guess they are clueless about where they need to be.
I also heard today that since the impact will be major, they are considering 3 months job search to find a job as well as 3 weeks for every year of service.
That would be nice! I hear Monday 4/11 (After Easter and Passover) will be pink slip day.
LICCards

Astoria, NY

#17 Mar 30, 2007
CitiSlicker wrote:
I heard the same news; that RM's are a target. Not sure if it's true. We'll all find out on April 16th.
I am hearing that most of the Risk and Decision Mgt jobs will eventually all be in India
Citifinancial Dude

Tampa, FL

#18 Mar 31, 2007
I am with Citifinancial and it is a shame to see all the levels of execs. I was with Avco Financial Services for many years and one of the problems they had was too many levels. Now at Citifinancial it is worse. We did hear the same thing about the R.M.s and its not a bad thing. The District Managers could easily report directly to a Managing director. Problem is with Citifinancial, they still have all the execs left from other company buy purchases, and duplicate offices one block from each other.
P J Lewis

AOL

#19 Mar 31, 2007
Layoff Unknown,
As reliable as anyone else, I guess. Came from an RM Hqtrs in the South. Can't say more. Don't want to be ID'd.

May be some divestitures in the works. Sell off Smith Barney and Primerica? How much stock does the Prince from Saudi own? He seems to be pulling the strings.
LMG

Hyattsville, MD

#20 Mar 31, 2007
What's going on?

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