Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Not bashing JF, it's just that she's conveying wrong message to media -set your bar high, restructuring, AI etc. She should tell the truth,that if you can bootlick,a--lick your boss,or get a same ethnicity (read province) manager, cunning enough to do dirty politics, or ready to do whatever (other than work and excellence) it takes to stay ,you will stay. Don't ask logic,process,credit for excellence,money making or hard work and all..company is blind

https://www.thelayoff.com/post/@jw+1kky7xz81

@1cs - I hear you. In my 20 years career Citi is the first company I saw with so many groups ( Indian origin, Russian origin etc.,) favors their own ethnicities and not based on the talent. On the other hand, some MDs came from Goldman and other big banks brought their own tech contractors.
There is no accountability , leadership don’t care about ROI.
Current layoffs are not true restructuring, it is cherry picking by MDs.

@1cf similar happened to me as well, was laid off by my telugu manager who widely known as useless , tried to convey to higher management but in this 'find a scapegoat and save yourself ' situation nothing worked..my manager not only saved own back as well as rest of the useless telugu troop of the team who couldn't deliver even 1 successful project throughout the year, and I was out after delivering multiple successful projects with lesser resource. Again no one questioned as they're happy someone's going and they're saved

@19p I agree with you, we should understand the fact you mentioned, one of the issue in that is most of us are under some id--t (or over cunning) who is assigning or basically dumping some nonsense to do..if we do those it's not going to benefit anyone, but we have to..otherwise we are been seen as threat and that id--t a--hole will throw you out taking the benefit of this critical situation though you are the high performer in the team (happened to me) because I sent a detailed email to my boss and one level higher with the plan how can we be more effective and was praised by the higher level and after 3 months I was laid off. If I would have not done that do you think anything would have been different, no I know the way my team is operating it's still fat and can be trim , the sad part is trimming is happening on the basis of internal politics ,caste, nativity, internal threat not on the basis of knowledge or capabilities or excellence.

@19p - downsizing staff and outsourcing are good old strategy, if she is smart should come up with an innovative idea.
There are companies who offered alternative options to employees I.e., salary reduction, reduced benefits yada yada to save jobs. She is ok to take her 40 million bonus ?
Few CEOs reduced their bonuses during pandemic as opposed to JF.

@OP Any CEO of a PUBLICLY TRADED STOCK has stock price foremost on their mind. They have far more stockholders than they do employees.

Employees should also figure out how their work contributes to the bottom line. But they don't and even worse they don't follow how the company is doing and many have missed out on HUGE increases in the company stock over the last 3 years. But it's always easier to just trash Jane.

Citi stock is still 1/10th of the price because nobody wants to adjust for the 10:1 reverse split that took place 15 years ago. She can carry on all she wants but it's like putting lipstick on a pig.

@dn

You're correct.

This is why your Employer is NEVER and NOT your friend, including of course HR and the Legal Department.

We're in an adversarial relationship. Never forget this.

Employers look for every opportunity and tactic to pay employees as little as possible they can get away with, and employees are looking to get paid as high a salary/bonus/medical/pension benefits they can possibly get.

The 2 sides are 180 degrees on opposite sides of the negotiation table.

Employees can be respectful and polite to their employer, but NEVER cross the boundary! Your Employer is NEVER and NOT your friend, family or advocate!

Shareholders 1st, customers a distant 2nd, employees not at all.

buy the stock and they work for you…..alignment.

@OP That's her job. To maximize shareholder returns. The only thing judgmental, is how to play a short/medium/long game, since sometimes it's advantageous to build and invest at the expense of profits in the short term if the medium to long term win makes it worthwhile. But there should never be any doubt that her job is to enrich, as best as possible, the shareholders. And in order to do the above, sure she has to keep the staff motivated and productive, but it's not hers nor the company's job to make sure that every staffer is financially supported for any longer than the company needs them for.