Citigroup Layoffs?
By a thread

Warren, NJ

#1357 Jan 30, 2008
Question :

How does one know if they work for smith barney or citibank?
You are kidding right

Warren, NJ

#1358 Jan 30, 2008
By a thread wrote:
Question :
How does one know if they work for smith barney or citibank?
Look in Global Directory. If you fall under Sallie Krawcheck you are in GWM.
In Tampa

Tampa, FL

#1359 Jan 30, 2008
Has anyone heard about anymore layoffs, It still seems to be quite in Tampa. They say it is always calm before the storm!!!
Bob the Builder

Holiday, FL

#1360 Jan 30, 2008
I haven't heard much recently. It appears Pandit is reviewing the situation instead if going ahead with Druskin's plan.

I think most of Tampa will come out of it pretty well when the dust settles.
United States 555

Plant City, FL

#1361 Jan 30, 2008
I heard approx. 7,000 will be let go on Thursday. Do anyone have any info?????
In Tampa

Tampa, FL

#1362 Jan 30, 2008
United States 555 wrote:
I heard approx. 7,000 will be let go on Thursday. Do anyone have any info?????
Your post says NPR, so I am assuming you are at the Tampa center? Do you know if the rumor was reliable and if it was, do you think it will hit Tampa
United States 555

Plant City, FL

#1363 Jan 30, 2008
In Tampa wrote:
<quoted text>
Your post says NPR, so I am assuming you are at the Tampa center? Do you know if the rumor was reliable and if it was, do you think it will hit Tampa
I am not sure if it was talk. I want to know do anyone have any info about it.

Since: Jan 08

Atlantic Beach, FL

#1364 Jan 30, 2008
United States 555 wrote:
I heard approx. 7,000 will be let go on Thursday. Do anyone have any info?????
Bob, have you heard anything about Jacksonville?
In Tampa

Tampa, FL

#1365 Jan 30, 2008
United States 555 wrote:
<quoted text>I am not sure if it was talk. I want to know do anyone have any info about it.
Did they mention where the layoffs would happen
Future Unknown

Chicago, IL

#1366 Jan 30, 2008
Does anyone know about Citi Residential Mortgage? It only seems logical that there would be layoffs, since it seems to be one of the areas that caused all the problems originally (mortgage crisis, etc.) No one seems to be saying anything.
yesman14

Payson, UT

#1367 Jan 30, 2008
I still haven't heard any news on any of the Citicards call centers, Irving TX, Layton, UT, Booise, ID, everything there seems to be BAU for now. Anyone hear of layoffs at any call centers??
Nehmen den Sprung

United States

#1368 Jan 30, 2008
Wow - all this discussion about layoffs and employee uncertainty. Bare in mind, the finance industry is going through a correction and even the giants are susceptible to its affects. Please do not worry about something that has not happened. If you are asked to leave, just believe a greater opportunity awaits - claim it in your mind and Go Get It!
I am preparing to interview for a position in the business banking arm of Citi, specifically a Relationship Manager in So Cal. I am not a Citi employee, just doing homework on this site.
OK, please submit comments with regard to corporate culture, management's ethical accountability, how to fit in, efficiency of training, are goals realistic, quality of benefits, etcetera.
Thank you.
jacksonville gal

Callahan, FL

#1369 Jan 31, 2008
United States 555 wrote:
I heard approx. 7,000 will be let go on Thursday. Do anyone have any info?????
Way too much speculation on this site. Way too much. It's gone from 4200 to 7000 and the truth is, there has been very few layoffs. The company has redundancies and they need to be dealt with if the organization is going to survive but there is obviously no insider information and it benefits no one to continuosly stir the pot. My opinion, of course.
Layoff Central

Astoria, NY

#1370 Jan 31, 2008
jacksonville gal wrote:
<quoted text>
Way too much speculation on this site. Way too much. It's gone from 4200 to 7000 and the truth is, there has been very few layoffs. The company has redundancies and they need to be dealt with if the organization is going to survive but there is obviously no insider information and it benefits no one to continuosly stir the pot. My opinion, of course.
Only some of what you are hearing on this site is speculation. The 4200 layofs have pretty much happened already. Note that this is merely 1.2% of Citigroup so it may not have seen so massive from within the ranks so far. You can see in this site people mentioning layoffs that have happened.

A lot of industry analysts have speculated that Citi would cut up to 40,000 people by the end of this year. This one is a work in progress, and no one knows for sure where it will all come from. Pandit is still evaluating this so there are no hard answers, just that its coming.
The benefit of this site is that once a decision has been made it trickles down quickly even before the layoffs happen and makes its way here. Of course there are a lot false rumors as well so you have weed through the misinformation.

One of the things I have hear from the IT side is that some contraction is expected as the Various IT orgs consolidate into CTI (citi technology infrastructure) Most notable is the NAIT org that is part of Consumer group will be merged into CTI. Expect some jobs losses as this happens.

There will also be some datacenter closings this year and into early next year. Expect the north east datacenters to close and consolidate into the ones in Ohio and Texas.(much bigger, more modern, and lower cost in every way including people) Right now the datacenters in North east may also include office space so they may or may not stay as the datacenter closes. THese sites include: 390G, Weehawken, Rutherford, Silver Spring. These will all close within 2 years time.
Expect a lot of job losses in IT (once the initial consolidation happens) to happen through attrition and site closures. CTI has made it know that it will leverage outsourcing more. Or at least to another Citi division in India. I fully expect this to be realized over the same 2 year time span.
CTI has always been on the hook to cut costs, consolidate and outsource, so it hasnt been affected as much by the layoffs. They have had the plan of closing data centers and outsourcing for a couple of years now.(it has in fact grown because of the consolidation of other groups to it.)
In each quarterly report, Citi will report a charge that it take for the layoffs that happened. The 4200 charge was for the 4th quarter 2007, and most of it was already realized in Dec. In April, we will hear about the next earnings statement and have a better idea of how many jobs were cut during these months.
Remember they only have to put down a charge on the books for layoffs that result in severence being payed out. Attrition may never show up in the books.(Not replacing people who leave)
In Tampa

Tampa, FL

#1371 Jan 31, 2008
jacksonville gal wrote:
<quoted text>
Way too much speculation on this site. Way too much. It's gone from 4200 to 7000 and the truth is, there has been very few layoffs. The company has redundancies and they need to be dealt with if the organization is going to survive but there is obviously no insider information and it benefits no one to continuosly stir the pot. My opinion, of course.
I agree with you, however the 7000 layoffs that was asked about, they were not saying it was going to happen they were asking if someone else had heard the rumor to. I am on here like other people for support and to get a heads up if something has happened or going to happen. I have said many times on here there are people here to stir the pot, and got screamed at by other posters. Some people on here act like they have inside information and they are best friends with the ceo, and they know everything that was going to happen. None of that information they gave happened. It just upsets people and makes them worry more for there job. So I do agree lets not speculate, lets just try and confirm the rumors or move on
In Tampa

Tampa, FL

#1372 Jan 31, 2008
Layoff Central wrote:
<quoted text>
Only some of what you are hearing on this site is speculation. The 4200 layofs have pretty much happened already. Note that this is merely 1.2% of Citigroup so it may not have seen so massive from within the ranks so far. You can see in this site people mentioning layoffs that have happened.
A lot of industry analysts have speculated that Citi would cut up to 40,000 people by the end of this year. This one is a work in progress, and no one knows for sure where it will all come from. Pandit is still evaluating this so there are no hard answers, just that its coming.
The benefit of this site is that once a decision has been made it trickles down quickly even before the layoffs happen and makes its way here. Of course there are a lot false rumors as well so you have weed through the misinformation.
One of the things I have hear from the IT side is that some contraction is expected as the Various IT orgs consolidate into CTI (citi technology infrastructure) Most notable is the NAIT org that is part of Consumer group will be merged into CTI. Expect some jobs losses as this happens.
There will also be some datacenter closings this year and into early next year. Expect the north east datacenters to close and consolidate into the ones in Ohio and Texas.(much bigger, more modern, and lower cost in every way including people) Right now the datacenters in North east may also include office space so they may or may not stay as the datacenter closes. THese sites include: 390G, Weehawken, Rutherford, Silver Spring. These will all close within 2 years time.
Expect a lot of job losses in IT (once the initial consolidation happens) to happen through attrition and site closures. CTI has made it know that it will leverage outsourcing more. Or at least to another Citi division in India. I fully expect this to be realized over the same 2 year time span.
CTI has always been on the hook to cut costs, consolidate and outsource, so it hasnt been affected as much by the layoffs. They have had the plan of closing data centers and outsourcing for a couple of years now.(it has in fact grown because of the consolidation of other groups to it.)
In each quarterly report, Citi will report a charge that it take for the layoffs that happened. The 4200 charge was for the 4th quarter 2007, and most of it was already realized in Dec. In April, we will hear about the next earnings statement and have a better idea of how many jobs were cut during these months.
Remember they only have to put down a charge on the books for layoffs that result in severence being payed out. Attrition may never show up in the books.(Not replacing people who leave)
Well said, I agree
In Tampa

Tampa, FL

#1373 Jan 31, 2008
Nehmen den Sprung wrote:
Wow - all this discussion about layoffs and employee uncertainty. Bare in mind, the finance industry is going through a correction and even the giants are susceptible to its affects. Please do not worry about something that has not happened. If you are asked to leave, just believe a greater opportunity awaits - claim it in your mind and Go Get It!
I am preparing to interview for a position in the business banking arm of Citi, specifically a Relationship Manager in So Cal. I am not a Citi employee, just doing homework on this site.
OK, please submit comments with regard to corporate culture, management's ethical accountability, how to fit in, efficiency of training, are goals realistic, quality of benefits, etcetera.
Thank you.
Wow, I guess welcome to Citi, but if you are not in Citi yet, please understand people are on here because they have families they have to support them. The layoffs have created nothing but stress for many people, but I assuming you have not taken that walk yet, and hope you dont have to. Its great to be positive, but we as Citi employees have a right to find out if we will have our jobs. Its not fair to string us along. This site is for support and information and a way for people to vent. So again until you walk in our shoes or take that walk be supportive and respectful of this site. No one on here has dis respected Citibanks culture, but people do have a right to know where their future is going to be!

Good luck to you and I hope you enjoy working at Citi its a great place to work!
Ned

United States

#1374 Jan 31, 2008
In Tampa wrote:
<quoted text>
Wow, I guess welcome to Citi, but if you are not in Citi yet, please understand people are on here because they have families they have to support them. The layoffs have created nothing but stress for many people, but I assuming you have not taken that walk yet, and hope you dont have to. Its great to be positive, but we as Citi employees have a right to find out if we will have our jobs. Its not fair to string us along. This site is for support and information and a way for people to vent. So again until you walk in our shoes or take that walk be supportive and respectful of this site. No one on here has dis respected Citibanks culture, but people do have a right to know where their future is going to be!
Good luck to you and I hope you enjoy working at Citi its a great place to work!
Well said. Citi is a good company and I wish it the best, since it has some of the best people in the industry working every day at the grindstone. The leadership has gone far off track, a symptom perhaps of "we're just too big to fail" arrogance. That having been said, Citi did lay me off a year ago after 30 years of service (NAIT site consolidation). I didn't marry the company, I just worked there. It didn't take long to discover there are other successful American corporations to work for, and that's just what I did. But it was what I learned in my 30 years of service to Citi that I gained the skills which formed the basis for personal career success. For that, I'll always be grateful. Remember, you're the one in charge of your life and your career. Life goes on.
Bob the Builder

Warren, NJ

#1375 Jan 31, 2008
I have been here over a decade and the culture is fairly typical for a large financial institution. There is little natural turn over in staff and the vast majority of manages have been with the company for many years. It is near impossible to get a decent promotion or pay rise because of the total lack of movement in the management. We have had several lay offs over the years and the old managers remain while the workers get laid off.

It is a decent place to work if you are not very ambitious. In the past I have never stayed in the same job at the same level for more than two years. The lack of movement within Citi is very demoralizing and counter productive IMO.
Citi lives on

Irving, TX

#1376 Jan 31, 2008
I have heard about a few forced retirements take place in Irving. I can't help but think there is more to happen. Not only mortgage. Because the retirements were not on the mortgage side.

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