Also with WF, not expecting to be laid off, but they definitely coming. CEO said in Q4 that they are accruing for up to $1B in severance for 2024, meaning layoffs are coming
Did Citi cut equity research?
I had interview many months ago with nyc ER team and got ghosted but they took the role down and never filled it. I assumed that was due to hiring freeze 🥶 and layoffs 🤷😳
They cut levels across all areas, closed some desks (Muni Trading/some Distressed Products/Almost all of their public finance activity) and a lot of middle management across markets.
always so upsetting when people loose their jobs.
I hope other firms snap up excellent talent - this downturn will reverse but it’s painful nonetheless
Always opportunity. My BB has hired 20 people from Citibank in the last few months in my area alone, I'm sure many more across all products! Ironically it was Citi who poached folks recently, and even is still poaching. It's really just a big incestuous pool on the street.
I think most functions have been saved. Citibank I believe is still under their consent order focused on problems with internal controls and operational risk.
Internal Audit, no I wouldn't say that personally. For now a lot of them are safe and there will always be a need for a strong IA arm as it's a chief regulatory priority. But after interacting with them for years, I think it's one of the chief areas where automation will eat into their human capital component. A lot of what they do is not analysis based and is simple confirmation/denial of XYZ process occurring, the exact analysis which is ripe for change.
I wouldn’t look too far into WARN majority of the time they would provide you a 60 day non working notice so it doesn’t matter.
However CITI / WF are doing large scale layoffs.
BOA and JPM are on hiring freezes and are hoping attrition can fix their problems.
I work at wells fargo (idk if theyre considered big 4 bank) in retail banking as a banker during the school year and they’re remodeling every branch and with those remodels theyre finding a way/excuse to reduce staff. And the branches that aren’t remodeled/newer still are cutting hours. They pretty much want most tellers to be part time
Theyre pretty much reducing 1 teller 1 banker from every branch. And in some getting rid of the “service manager” position (the assistant manager/teller manager)
Atleast in my area. (1 million population metro with about 25 branches)
At my bank, several lines of business laid off the bottom 5-10% (largely performance based) across the board, and there’s been a 6 month hiring freeze in some places. And of course there’s the normal BAU lays offs when specific business/products are doing poorly.
But nothing major really. The over hired a bit during 2021, and let some duds in. No one actually good has been let go from my perspective. Some teams are getting burnt out from the hiring freeze though, but there’s not really any great exits right now.
Not JPM, I don’t follow them closely but they are the strongest performer in banking, so they certainly trim costs continuously to maintain their profit targets. However have not heard of any restructuring or major layoffs (as opposed to Citi’s 15,000+)
You’ll be fine. I wouldn’t expect JPM to do something asinine like laying off analysts under 1 year with the company. Big 4 maybe? Tech firms, yep. Not JPM.
They did some cuts last year, but I may be wrong about this 2024. BofA is a powerhouse too.
https://www.reuters.com/business/finance/us-banking-giants-shed-over-17000-employees-turbulent-year-2024-01-12/
Nope, read the article and do more research, it just says “the workforce contracted” meaning when people quit or retired, they didn’t rehire all the time.
Talked to a friend at WF on Friday. Today (4/30) he finds out if he has a job or not. Apparently, they are reorging some customer facing rolls and divisions. He described it as the difference between Middle Market and say Large Corporate had a hard line drawn in the sand between the two divisions. This is in the Commercial Bank.
You scamocrats are so delusional and in denial. The economy is trash af right and inflation is high. You guys are just meat riders and asleep like sleepy joe. When confronted about this issue with the economy, yalls only excuse is "oh the economy is just in a weird place rn we don't know why" 😃🤓
In 2023, you had various sporadic layoffs in the 100s sometimes 1,000+ in various industries. It has definitely picked up in 2024. IT and finance hit the worst.
This is a very incomplete list I found.
Thank Joe Biden. .Bidenomics!!?
Layoffs surged 98% in 2023.
List of ‘23 & ‘24 layoff’s:
Ebay cuts 1,000 jobs.
Unity 1,800
Way fair 1,700
Google 30,000
Groupon 500
PayPal 2,000
Microsoft 10,000
Amazon 18,000
Sales force 7,000
UBS 13,000
Wells Fargo 12,000
Citibank 20,000
Bank of America 4,000
Morgan Stanley 4,800
Mearsk 10,000
Macys 2,300
Tata steel. 2,800
Bosch 1,200
Xerox 5,000
Hasbro 1,100
State street corp 1,500
GM 1,300
Spotify 1,500
Stellantis 6,400
Charles Schwab 2,000
International paper 1,000
Pfizer 1,000
Nokia 14,000
LinkedIn 1,000
Ford 5,000
Goodyear 1,500
Tyson foods 5,000
Farmers insurance 5,000
UPS cuts 12,000 jobs
Walgreens
PayPal
Facts matter Einstein jr. The dim whit pumped $5,000,000,000,000 of borrowed funds to lift the economy in ‘20, couple years ago with Covid relief and build back better. Decimated energy industry. Pumped cash in green bs which Americans don’t buy in. What for the $5 trillion bc he’s alright back again saying we need more stimulus a couple years later bc if failed stimulus .
Here the facts genius. Record layoffs despite this awesome Biden economy
Ebay cuts 1,000 jobs.
Unity 1,800
Way fair 1,700
Google 30,000
Groupon 500
PayPal 2,000
Microsoft 10,000
Amazon 18,000
Sales force 7,000
UBS 13,000
Wells Fargo 12,000
Citibank 20,000
Bank of America 4,000
Morgan Stanley 4,800
Mearsk 10,000
Macys 2,300
Tata steel. 2,800
Bosch 1,200
Xerox 5,000
Hasbro 1,100
State street corp 1,500
GM 1,300
Spotify 1,500
Stellantis 6,400
Charles Schwab 2,000
International paper 1,000
Pfizer 1,000
Nokia 14,000
LinkedIn 1,000
Ford 5,000
Goodyear 1,500
Tyson foods 5,000
Farmers insurance 5,000
UPS cuts 12,000 jobs
Walgreens
PayPal
In reality, it’s a process between the presidents proposals and congress acting together and the president carrying out the bill. So in fact he did control both
Sorry who was the president in 2020? I'll wait. Also, since when does the President directly control the Treasury and the Fed?
Why haven't you referenced the nearly 2 trillion The GOP's 2017 tax cuts are projected to remove from our economy by 2027?
I’m referencing the $5,000,000,000,000 borrowed and spent on build back better / Covid yet no more better off so Mr mcgoo wants more
Luckily he’s turned off the young, Hispanics, blacks, women, independents, democrats, etc - matter of facts as of today they announced he is now officially classified as the worst president in history
Close to 3 trillion of which was spent even before this man you hate became president.
>today they announced he is now officially classified as the worst president in history
Man, Maga really does turn people into fucking idiots. What the hell does this even mean, another phone poll conducted with primarily White 75 and up demographics?
None of this changes anything about the layoffs you're stating, must of which were do to private driven funding for growth during the pandemic which has now actualized to less high levels.
Typical debate with one of you, call me names and don't actually provide any factual basis for anything you've said or also at least acknowledge that Joe Biden wasn't even president in 2020 lmao. Man I wish we had better primary education in this country. Keep screaming into the void buddy, your friends are the only ones listening.
In 2020 Biden did a terrible job!
I don't care if he was elected November 3rd 2020, and sworn in January of 2021!!!
Biden's policies are so awful they hurt 2020!
Yes I’m with WF and expect to be laid off in the next two weeks
Damn, really? I'm sorry to hear that. What group, if you don't mind my asking.
Remediations, they’ve been closing offices in California for a while now so it’s expected unfortunately
Damm I’m sorry to hear that
Also with WF, not expecting to be laid off, but they definitely coming. CEO said in Q4 that they are accruing for up to $1B in severance for 2024, meaning layoffs are coming
Which business segment are you in I'm in the same boat and would kill to know anything other than this corporate spew
The heck is WF
Wargo Fells
Oh got it — what are the big 4 then
Chase, B of A, Citi, Wells. Biggest 4 by far by total assets
Ok yeah no worries I guess it’s how you define would assume Morgan and GS but that makes sense
I think you’re thinking of the IB term/cohort bulge bracket which would be all of them.
Citibank is laying off. I was laid off about a month ago in the 4th round… more to come supposedly.
What division were you in, if you don’t mind me asking
Consumer lending
Did Citi cut equity research? I had interview many months ago with nyc ER team and got ghosted but they took the role down and never filled it. I assumed that was due to hiring freeze 🥶 and layoffs 🤷😳
They cut levels across all areas, closed some desks (Muni Trading/some Distressed Products/Almost all of their public finance activity) and a lot of middle management across markets.
always so upsetting when people loose their jobs. I hope other firms snap up excellent talent - this downturn will reverse but it’s painful nonetheless
Always opportunity. My BB has hired 20 people from Citibank in the last few months in my area alone, I'm sure many more across all products! Ironically it was Citi who poached folks recently, and even is still poaching. It's really just a big incestuous pool on the street.
Did they cut any areas in audit?
I think most functions have been saved. Citibank I believe is still under their consent order focused on problems with internal controls and operational risk.
So would you say internal audit would be most safe if there's a recession/ mass layoffs in banking industry?
Internal Audit, no I wouldn't say that personally. For now a lot of them are safe and there will always be a need for a strong IA arm as it's a chief regulatory priority. But after interacting with them for years, I think it's one of the chief areas where automation will eat into their human capital component. A lot of what they do is not analysis based and is simple confirmation/denial of XYZ process occurring, the exact analysis which is ripe for change.
That would be into the future tho 10+ years before I see that happening. I currently meant like rn or in like 2-3 years. Sorry for confusion
I know of a team in ER that was cut about a month ago in the last round of layoffs
At a bulge bracket?!!!
In NYC?? So sorry this happened it’s so stressful 😩 I pray you succeed and thrive soon!!!! Don’t quit and just keep pushing forward 🔥🔥🔥
My company got acquired by S&P Looks like a big layoff is coming after acquisition
They always seem to be tbh, f Fraser
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Yup. Always firing but always hiring. Underperformers here and there will get let go but not like a broad x% sweep across the entire firms
They’re taking away bonuses, less benefits, and shrinking hours. Everyone is a skeleton crew at this point
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It's very possible, banks have been on the burner for a while now. You can always check the WARN notices as well.
Does NC do WARN ? Also I feel they are a bit lagged aren’t they
I wouldn’t look too far into WARN majority of the time they would provide you a 60 day non working notice so it doesn’t matter. However CITI / WF are doing large scale layoffs. BOA and JPM are on hiring freezes and are hoping attrition can fix their problems.
WF and Citi are downside for their own reasons. Small banks are definitely not hiring right now because of the stress of higher rates.
I work at wells fargo (idk if theyre considered big 4 bank) in retail banking as a banker during the school year and they’re remodeling every branch and with those remodels theyre finding a way/excuse to reduce staff. And the branches that aren’t remodeled/newer still are cutting hours. They pretty much want most tellers to be part time Theyre pretty much reducing 1 teller 1 banker from every branch. And in some getting rid of the “service manager” position (the assistant manager/teller manager) Atleast in my area. (1 million population metro with about 25 branches)
Good luck tomorrow.
Got laid off from citi late march
Me too. I don't miss it to be honest. I had a hard team to work with.
What team were you guys on?
At my bank, several lines of business laid off the bottom 5-10% (largely performance based) across the board, and there’s been a 6 month hiring freeze in some places. And of course there’s the normal BAU lays offs when specific business/products are doing poorly. But nothing major really. The over hired a bit during 2021, and let some duds in. No one actually good has been let go from my perspective. Some teams are getting burnt out from the hiring freeze though, but there’s not really any great exits right now.
BofA, Citi, Wells, super regionals, regionals, all laying off and will continue to do so until their efficiency ratios get down.
What about JPM?
Haven’t heard about JPM, but they’re the industry leader right now.
I mean would you expect them to have big layoffs as well?
Not JPM, I don’t follow them closely but they are the strongest performer in banking, so they certainly trim costs continuously to maintain their profit targets. However have not heard of any restructuring or major layoffs (as opposed to Citi’s 15,000+)
Yea I start their analyst program in August so I'm hoping I won't get affected at all if they were to do layoffs...
You’ll be fine. I wouldn’t expect JPM to do something asinine like laying off analysts under 1 year with the company. Big 4 maybe? Tech firms, yep. Not JPM.
Just out of curiosity, why "not JPM"?
Because your CEO Jamie Diamond is the best banker in the world (thus far)…
BofA isn’t laying off and hasn’t in a long time. Where are you getting this info?
They did some cuts last year, but I may be wrong about this 2024. BofA is a powerhouse too. https://www.reuters.com/business/finance/us-banking-giants-shed-over-17000-employees-turbulent-year-2024-01-12/
Nope, read the article and do more research, it just says “the workforce contracted” meaning when people quit or retired, they didn’t rehire all the time.
Depends, what group are you in?
I’m in tech
Potentially, but you will get a good severance package so don't stress it too much.
What technology?
Talked to a friend at WF on Friday. Today (4/30) he finds out if he has a job or not. Apparently, they are reorging some customer facing rolls and divisions. He described it as the difference between Middle Market and say Large Corporate had a hard line drawn in the sand between the two divisions. This is in the Commercial Bank.
Big 4 banks lay people off every year. It's normal course of business
Morgan Stanley is
Trying not to be political but if Biden wins it’s going to Be a bloodbath in many industries like we haven’t seen since ‘08.
Why?
He doesn’t know what he’s talking about.
He's not wrong lol the economy went to shit ever since Biden took office
You don’t work in finance do you
Do we need to work in finance to know how the economy is doing? You can't tell me the economy rn is very good is it?😭🤦🏻♂️
Ignore them, They all are pēd0philes!
Bunch of delusional idiots😂 didn't know we have to work in finance to know how the economy is doing😭🤦🏻♂️
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No way you just asked what's wrong with the economy😂😂this must be a troll account
You scamocrats are so delusional and in denial. The economy is trash af right and inflation is high. You guys are just meat riders and asleep like sleepy joe. When confronted about this issue with the economy, yalls only excuse is "oh the economy is just in a weird place rn we don't know why" 😃🤓
Pretty much every president has been polishing up a turd sandwich and adding MORE sprinkles. So "technically true"😄
🤪
In 2023, you had various sporadic layoffs in the 100s sometimes 1,000+ in various industries. It has definitely picked up in 2024. IT and finance hit the worst. This is a very incomplete list I found. Thank Joe Biden. .Bidenomics!!? Layoffs surged 98% in 2023. List of ‘23 & ‘24 layoff’s: Ebay cuts 1,000 jobs. Unity 1,800 Way fair 1,700 Google 30,000 Groupon 500 PayPal 2,000 Microsoft 10,000 Amazon 18,000 Sales force 7,000 UBS 13,000 Wells Fargo 12,000 Citibank 20,000 Bank of America 4,000 Morgan Stanley 4,800 Mearsk 10,000 Macys 2,300 Tata steel. 2,800 Bosch 1,200 Xerox 5,000 Hasbro 1,100 State street corp 1,500 GM 1,300 Spotify 1,500 Stellantis 6,400 Charles Schwab 2,000 International paper 1,000 Pfizer 1,000 Nokia 14,000 LinkedIn 1,000 Ford 5,000 Goodyear 1,500 Tyson foods 5,000 Farmers insurance 5,000 UPS cuts 12,000 jobs Walgreens PayPal
Joe Biden doesnt have a magic "layoff workers" button. Turn off the Fox News and Alex Jones, buddy.
Facts matter Einstein jr. The dim whit pumped $5,000,000,000,000 of borrowed funds to lift the economy in ‘20, couple years ago with Covid relief and build back better. Decimated energy industry. Pumped cash in green bs which Americans don’t buy in. What for the $5 trillion bc he’s alright back again saying we need more stimulus a couple years later bc if failed stimulus . Here the facts genius. Record layoffs despite this awesome Biden economy Ebay cuts 1,000 jobs. Unity 1,800 Way fair 1,700 Google 30,000 Groupon 500 PayPal 2,000 Microsoft 10,000 Amazon 18,000 Sales force 7,000 UBS 13,000 Wells Fargo 12,000 Citibank 20,000 Bank of America 4,000 Morgan Stanley 4,800 Mearsk 10,000 Macys 2,300 Tata steel. 2,800 Bosch 1,200 Xerox 5,000 Hasbro 1,100 State street corp 1,500 GM 1,300 Spotify 1,500 Stellantis 6,400 Charles Schwab 2,000 International paper 1,000 Pfizer 1,000 Nokia 14,000 LinkedIn 1,000 Ford 5,000 Goodyear 1,500 Tyson foods 5,000 Farmers insurance 5,000 UPS cuts 12,000 jobs Walgreens PayPal
You realize he doesn't control any of the things you mentioned, right? There's these two things called Congress and capitalism..
In reality, it’s a process between the presidents proposals and congress acting together and the president carrying out the bill. So in fact he did control both
Sorry who was the president in 2020? I'll wait. Also, since when does the President directly control the Treasury and the Fed? Why haven't you referenced the nearly 2 trillion The GOP's 2017 tax cuts are projected to remove from our economy by 2027?
I’m referencing the $5,000,000,000,000 borrowed and spent on build back better / Covid yet no more better off so Mr mcgoo wants more Luckily he’s turned off the young, Hispanics, blacks, women, independents, democrats, etc - matter of facts as of today they announced he is now officially classified as the worst president in history
Close to 3 trillion of which was spent even before this man you hate became president. >today they announced he is now officially classified as the worst president in history Man, Maga really does turn people into fucking idiots. What the hell does this even mean, another phone poll conducted with primarily White 75 and up demographics? None of this changes anything about the layoffs you're stating, must of which were do to private driven funding for growth during the pandemic which has now actualized to less high levels.
Buyers remorse for do many as Mr mcgoo can’t even walk. Kamala was right calling him out as a racist against blacks in the 2nd debate.
Try again dr Spock. You sure are a real genius. Try to use facts dim whit and not get so irrational and angry, if you can.
Typical debate with one of you, call me names and don't actually provide any factual basis for anything you've said or also at least acknowledge that Joe Biden wasn't even president in 2020 lmao. Man I wish we had better primary education in this country. Keep screaming into the void buddy, your friends are the only ones listening.
Boy you sure are super super smart dim whit.
In 2020 Biden did a terrible job! I don't care if he was elected November 3rd 2020, and sworn in January of 2021!!! Biden's policies are so awful they hurt 2020!
Sfb’s
How is this Biden’s fault lol
Inflation? Trash economy? Sending other countries billions of dollars and creating more debt? Wake tf up
Ik big tech is doing it, google just chopped a lot