Citi Bank is reportedly going to cut 24,000 jobs worldwide
They've hired Boston Consulting Group to help them carry out their plan. The plan is to cut atleast 10% in major units. The project is termed Project Bora Bora.
They will be eliminating regional managers, co-heads and other employees with overlapping responsibilities.
Chief of staffs and chief administrative officers will be cut this month. Operations staff who aided divisions that have been divested or reorganized are also at higher risk of layoffs.
The Consultant life is all about chilling and billing. You chill and then you bill for the chaos
Haha..well it ain't all chill and bill..these consultants no matter how hated, definitely put in considerable work..I might get a lot of flak for saying this but it's true.
Some management consultants have quit from burnout. Check YouTube and you will find several results.
Bora Bora. What an apt name.
Thats the vacation destination for the BCG consultant for the coming summer after completing this culling.
Dafuq!!!
Banks are in good shape. Higher interest rates help them. Also, Citi generally isn't the starter when it comes to Bank layoffs. They have already sold off parts of their stupid global empire away. Why layoffs now?
I think Barclays started it but I am yet to see a followup post/article for it.
This is an apt moment for most banks to trim their workforce and focus on efficiency. Just because banks are flush with profits does not mean they do not aim to operate better.
What is the source for this? Is this public news or do you work with Citi/ BCG.
Knowing the name of the internal project means you have fair access in the org.
Well things that consultants get paid for
This is true. My friend works here and was telling me about this, was kinda worried.
Expected
Ujawww