Thread regarding Citigroup Inc. / Citibank / Citi layoffs

aaaannnddd….fast forward a year and nothing has changed. Surprised? Nope, not in the least.

to the OP, amen

Risk mngmt is not the problem.

Pencil-pushers and biggest spending bloat (read: hundreds of millions spent on consultants) was like audit, CAO groups definitely. Maybe Compliance, but cant comment.
Directors in some teams like tripping over each other to hire C14s, C13s for make-work jobs in some cases. 4-5 people doing work that 1-2 smart people could do. E.g. One person on a team simply attends others' meetings and barks loudly about others' content or analysis, pasting it into documents. No one knows what that person really truly does - but by god that person justifies themselves!... so multiply this out.
Fiscally irresponsible. Why did Finance not look into the bloat? Why aren't investors angrier? RoTCE assumptions are delusional.

The revised 0.8M in restructuring costs may or not sufficiently anger investors. To be seen.

Also ask yourself also why non-P&L ppl in groups like controls or audit seemed to want to be running lending strategy or the bank itself. Problem.

People idle for months. Serious $ cost. Some good talent gone or couldnt be helped. Some problemo-types moved around. Some long-tenured types doling out favors to other long-tenured people, who created the $600M (??) Consultant spend.

However: the not-fully-hedged Arg exposure may have been worsened by country specific measures and inability to repatriate cap. Hit other financials too.

The 1.7Bn charge hit many banks. SVB blow up was poor structural int rate risk mngmt. Nothing to do with C business.

It does get rather tiresome to constantly hear about it.

The biggest mistake that anyone at Citi could ever make, is in thinking that Jane and 3 levels of MD below actually care about the employees.

This was never more clear to me than when Jane gave herself a raise in light of so many getting so much less or nothing for raises or bonus’s. The counter argument was “low performer this and that so you get 0”.

How much more of a low performer can you get other than Jane, yet she got a bump in pay in the millions.

To: @1bym+1qR4TwCp
amen brother

Its a job and nothing more. Its not a cult. Its not a religion. It’s not a way of life. Its a means in which to pay the bills.

Oh sure MD’s want you be so enamored with the just the idea of working with Citi that pledge to work there even after you die. They want you so jazzed that you don’t mind working 12-16 hours per day every day and even into the weekend but that’s ok because hey, its for Citi. I can’t wait to tell my friends how awesome I’ve got it. blah…blah..blah…..
They want you and your colleagues posing outside for pictures in front of the building in front of the Citi sign all giving a thumbs up pose wearing a polo shirt with the Citi logo on it. Make sure to add that to your linkedIn profile and don’t forget to tell every one how great it is here.

Well, you know what Citi, if that’s what you want then how about you take measures to draw, instill, treat and pay your people well enough TO get that.

It’s a freaking job just like any other. Citi motivates me to do just enough to keep from getting fired. The only motivational tool that they have is the threat of a layoff but even that has lost its effectiveness. As another poster said, “Its not impossible to find a job during a recessions. After all the economy was bad and times were hard when I got a job at Citi.”

I had a manager who said that the constant layoff threat was an effective tool to squeeze the most out of people. Often times upon the completion of a task or major project was met with the phrase of “Congratulations, you get to keep your job”.

Yep, quite the motivator he was. Really had me looking forward to the next day at logging in at work. Once again, Citi tries to unravel the big mystery of why they can’t retain people. It’s such an unsolvable enigma. I guess we’ll never know as to why.

Post ID: @mkx+1qR4TwCp: I am sorry, but losses are responsibility of risk management. You have to understand that Citi has sh---y risk management employees - because it pays them low, and because management in risk is incompetent.

To the OP. You being or becoming numb to being Laidoff is exactly wants Citi to happen.

The truth is if workers could easily leave to similar job, most would quit today. Citi is a big disappointment. Motivation is gone because nobody cares. Whatever goal execs had for layoff has failed to improve company.

This bank is held together with scotch tape so not surprised at any of this!

$1.7 billion charge related to the regional banking crisis
$880 million loss in Argentina
$800 million in restructuring costs due to 7000 layoffs in 2023.

the reason for layoffs. front office made bad deals.

I hear you