So after giving us the great talk about focusing on what we can do to save this company, he left
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Yeah, Citi management is deeply corrupt and incompetent.
The board needs to cull almost all of them. Mike's a good start though.
Citi needs to basically take all power away from management positions. In other words, they need to completely gut out their management layers. "Leadership", is meaningless, because the best leaders lead by example. And none of Citi's leaders lead by example for exemplary contributions to the bank.
It’s literally a joke. I am an avocado used to report to a svp before reorg. So it was avp->svp->director->md->md->md->MW->J. In the reorg they svp became IC. Director made another svp who was under him as lead. Then the new svp got a vp who was under him and make him lead. So now it is avp -vp-svp-director-md-md-md-Mw-J. Not sure where is level reduction??? Ok 1 more thing 2 of the md s were let go,and 2 new replaced them.
@2atl+1swzyl8U the bottom layers of management (Layer 8) are already SVPs and MDs! What do you think Layer 3-7 are?
Many VPs and some SVPs are individual contributors, AVP is just a regular associate.
Everybody and their mother is managing director at this bank.
What will be the salary range for VP/SVP/D in Canada?
And it has a long way to go before and if it becomes bankrupt any day. It's used to be a #1 bank. It might not give to it's lower level but the bank is rich. And it's fact. So it will save itself. It's only the lower level employee they will suffer. The banks you named below, if you remember they used pay like he-l..I know couple of their old employees. Their PayScale used to be way higher. Citi never did that mistake. It does pay to top level but never at lower level. It may higher excessively but PayScale was always average
I’m amazed that some people think middle managers (unless MDs) are making $400k + as base salary.
Well I don't think bankruptcy is on the way. The reason I don't think is in that case middle management layer would have been vanished even before we think of it. Because they are the one who would know it first
@1eip+1swzyl8U
And what a difference that makes in leveraging cutting edge technology to stay competitive.
You still have 8 layers,
Let's say you need the top 3, CEO, unit head, and the heads of the different branches...
You also need the bottom layer, and let's say their manager. 5 layers. You can still get rid of 3 layers of middle management who probably earn anywhere from 400k up and save a lot of money. There's no need for all these middle managers pretending they manage because that is all they do.
Post ID: @2rqk+1swzyl8U You wish. The writing is on the wall. Citi is getting sold as someone else said, in whole or pieces. It's on it's way to bankruptcy. We're watched this scenario and movie before with other banks: Bear Stearns, Lehman, Wachovia, Credit Suisse, etc..
@1nkg+1swzyl8U Citi stock is only going up.
The name of the game is hire contractors to do the grunt work and take the blame. Create a buffer of managers and have a few FTEs to run administrative errands. In my team we have 18 managers with 5-6 workers each. In the past each manager would have 20 workers and it was more productive.
Post ID: @1psv+1swzyl8U Exactly so that Citi will continue to outsource work to Contractors instead of hiring FTEs and/or Not laying off FTEs. There's a conflict of interest when hiring Contractors/Temps. They have a disincentive to work as fast or efficient as possible because the minute the projects or work end or are completed, they are out of a job. And so, Contractors/Temps drag their feet and intentionally cause delays with delivering work. They're also incentivized to create problems, snags, wrenches or issues in order to prolong their Contractors' contracts with the paying company (e.g. Citi) so that they can claim to "fix" the problems that they actually created. But Citi will continue to be a Svcker and feed the Contractors/Temps Monster, further waste Shareholder money and lower the stock price. LOL!!!
So the new guy can outsource all the work to his pwc buddies
Post ID: @1eip+1swzyl8U Who cares ?? And it makes No difference if he was PwC US CEO. He's Still a Consultant and accountant whose Only business perspective and work experience is from Only One Employer, PwC since college graduation.
FYI...Tim Ryan was the PwC US CEO for the past 8 years until May 14, 2024. He's not just a CPA or consultant from PwC.
Exactly.
Citi is not able to remove non productive middle management, main reason for this people kept the information related their projects kept secret and not documenting any where, so that they will stop new comes and make their leads blind.
I'm just exhausted. This organization has more managers than people doing the work. Delegation after delegation. It's insane.
Its not like Mike was really driving anything innovative for technology or guiding any revenue driving decisions. Mostly just made little jokes in town halls.
Maybe it proves even an accountant could do the job.
If I had the energy I'd be worried about this announcement. It's just more people jumping off this crashing train.
The thing is stock price is still going up!! And that's all what matters..
What happening? There is no work at all and all leads want to keep things secret and not ready to share what happening.
more of them need to leave. there are still too many MDs and very little clarity on R&R.
I wasn't surprised by he or Titi leaving.
Titi was a super star when she was brought in, but after Jane's re-org it looked like she was left on the sidelines.
His replacement is a CPA who has worked as a Consultant at PwC since college graduation. This means the replacement's only perspective of good and bad business practices comes from only One employer (PwC) And as a Consultant ! And WTF does a CPA know about Technology and Operations??? This new hire is a typical Citi move. It could also be because Citi was scrambling to find a replacement but could Not find a suitable candidate in time, and simply hired the closest Schmvck to apply for the job who is an Oval Citi is trying to fit into a round hole !
everyones leaving. wells and jp picking up the last seniors
Considering his replacement from another company is already lined up to start on Jun-1, it means it was planned to a degree. It's not like he gave his 2 weeks and they're scrambling to figure out the next move. The splitting of Ops from Tech is a larger move though. They just combined them to "simplify", but now they're "simplifying" again to move Ops to the COO instead. The dual CIO role should be the next domino to fall.
What do we think this shows? There are also others leaving like the head of Wealth at Work.
Could they know that Citi is more then likely on its last legs?
About time
Never a good sign when the captains of the ship start jumping off.
He and Titi probably knew late last year that they would be leaving in early to mid-2024.