“ It has already laid off 11,000, according to Bloomberg.
But the bank's stock is still lagging behind its peers, with its price dropping even on better-than-expected revenue reports and currently trading below where it was five years ago, and it's the only company in the KBW Bank Index trading below its tangible book value, the news service wrote.”
https://www.financialadvisoriq.com/c/4709474/628184/aren_done_citi_fraser_says_massive_restructuring?checkedlogin=1
The plan is to continue layoffs but to spread it out so thin that you won’t notice unless you are looking for it. It’ll be 10 here, 15 there, another 20 etc….every week until the desired number is reached, whatever that is.
@1rma+1vY2ZILM why u are so interested?
Current employee? Change company
Past employee? Get a good one to care of you PTS
Investor? Move your money in other compsnies
You know it all while still gettingba janitor salary? Offer yourself as a CEO
Why u are obsessed with Citi?
Jane has ran out of ideas and now is going after profits versus generating revenue
Well, here’s the thing….everyone says that all the other banks are just as bad as Citi. Well, if that’s the case, then why not got to work for one of them that’s considered more of a “winner”.
Again…” But the bank's stock is still lagging behind its peers, with its price dropping even on better-than-expected revenue reports and currently trading below where it was five years ago”
So given this, if all the other banks are just as bad, why not jump ship and go elsewhere that’s considered as a bank that’s “on track” ,”making progress”,”climbing higher”. You know, all the key words that’s never associated with the Citi name. This is the only company that I’ve ever heard of that celebrates that only half of it is on fire instead of the usual 100% on fire.
Jane is in way over her head and has no idea what she's doing. Any clown can take the shortsighted approach of reducing your biggest cost which is employees to try and boost stock. But it didn't really work. Sure it hiccuped a little and moved the bottom line a hair but it's not the surge she was hoping for. Her bag of tricks contains nothing but lint. In her rudimentary approach she's gotten rid of many of the same people that had the experience and SME that could have helped her right the ship. Sr management is a constant revolving door of people who have no clue what they are doing. Re-org, layoff, re-org some more, rinse and repeat, and call it "transformation". A 5 year old could come up with a better plan And the whole world knows it. We're not transforming, we are a patchwork jumbled mess in a blender. I am shocked the board hasn't gotten rid of her. She's a horrible public speaker and lacks the ability to instill confidence which is what investors need. The recent town halls are better than a lot of SNL skits. It's laughable. The quickest way to bump stock and turn Citi around is get a CEO that can instill confidence and knows WTF they are doing. The fact she is still here tells me the board is as incompetent as she is. Investors know it. It's reflected in the stock price. Compared to all the other major banks it's clear to see where they are putting their money. Heck even Wells which is an ethical, fraudulent mess, is doing better.
The entire restructuring is bullsxit and unfair, is an exercise to filter out people who they think have threatened them.
Its ok though because Jane used to be a McKinsey consultant, than means she knows what she’s doing.
https://www.thelayoff.com/t/1vXqD3Xl