PureStole96

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.

12mo ago

salt

Gojek12mo

The Consultant life is all about chilling and billing. You chill and then you bill for the chaos

FakeDwightSchrute

Amazon12mo

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.

Bumpy_Stock

Stealth12mo

Some management consultants have quit from burnout. Check YouTube and you will find several results.

TallTales69

Unemployed12mo

Bora Bora. What an apt name.

Thats the vacation destination for the BCG consultant for the coming summer after completing this culling.

majboormajdoor

Stealth12mo

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?

Nightgeek

CrowdStrike12mo

I think Barclays started it but I am yet to see a followup post/article for it.

FakeDwightSchrute

Amazon12mo

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.

redWiper

Student12mo

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.

PureStole96

Stealth12mo

It's public info : https://www.cnbc.com/2023/11/06/citigroup-considers-deep-job-cuts-project-bora-bora.html

MythicalStranger

Stealth12mo

Employees don't know about these things unless part of upper management. They are also finding from news like everyone else.

Indusplateau

Stealth12mo

Recession probability just went up

MythicalStranger

Stealth12mo

Recession next year for sure will be there. Already few banks have gone bust in this year. It's matter of time some bigger name goes bust and will be the excuse of recession but it's pretty evident as of now.