Seems they are not satisfied with progress under consent order.
My reasonable take? All this talk of future layoffs is way overstated. We’re good!
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Post ID: @1lyp+1trGu2kZ True. Citi has been "fixing" the Consent Orders and MRIAs for at least 4 MotherFvcken Years in a Potemkin Village filled with Low Caliber or mediocre Braindead employees who've had their thumbs up their Bvtts for 4 years! Citi is filled with Hamsters who've been spinning their wheels for at least 4 MotherFvcken years! Citi is the Tragicomedy Laughing Stock Joke "Bank" on Wall Street that will eventually get its own Broadway show. H3LL, even Titanic has its own Broadway show. The next one will be "CitiTitanic". LOL!
What happened to the class action lawsuit against citi?
What amazes me is that its the employees that will “pay the price”. The one person 100% responsible, Jane, will not be inconvenienced, suffer, penalized, absolutely no negative ramifications whatsoever for bad leadership. It’ll be the employees that suffer for bad decisions that she makes. Its been this way since day 1. It seems to be the McKinsey way that she’s adhering to. In the end, she’ll still get her millions per year, millions for a bonus and millions in stock. You know, for a job well done.
Post ID: @1lyp+1trGu2kZ Only Citi with half a "brain" would have in place a conflict of interest where Citi allows Citibanamex employess to be involved in fixing Consent Orders issues, MRAs and MRIAs. Citibanamex is slated to get sold. This has been announced several times in the media and the whole world knows about it. Citibanamex employees are incentivized to Not do a good job and Fvck Over Citi on their way out the door!
Well done to the OCC!
It’s not the layoffs, it’s the constant and worldwide HIRING!
Just moving headcount around the globe, not reducing it, and devastating laid-off employees…
management layers need to be gutted.
but they already said they did that…
Still working on the consent order because Citi can’t get it right. The last two submissions were rejected by the OCC as ‘incomplete’ and ‘inaccurate’. Internal processes are re-worked because guidelines are vague and instead of the Enterprise providing direction, they are completely absent. Citibanamex resources are allowed to get involved and re-write the guidelines despite the upcoming sale. Who is running the show?
Even if it means less or fewer layoffs, Citi could decide to Not replace voluntary quits.
The Street expects Jane to deliver the headcount reductions that are baked into guidance to analysts. Otherwise the expense cuts aren’t there. The math isn’t mathing otherwise.
Otherwise they’ll have to say publicly OCC won’t let us because…..
Less is my reasonable guess
What does this mean for layoffs? More layoffs due to the fine $ hit or less layoffs due to more power needed to execute consent order?