Thread regarding Citigroup Inc. / Citibank / Citi layoffs

To @4aee+1rdSM4ia

Your friend should sue Citi for a very nice healthy amount for harassment, undo stress caused by a hostile work environment and make sure it goes a public as possible. If the manager in question is still at Citi, then sue for…say 10 million plus legal fees but offer to settle out of court for 5 million plus legal fees with the agreement that the manager in question is immediately fired under the condition that can never come back to Citi ever no matter what the position not even under a contracting firm or individual contract.

There are tons of lawyers out there willing to take a case upon contingency meaning they don’t get paid unless you win in court. Tons of lawyers willing to make a name for themselves in winning in a David vs Goliath scenario.

@utr+1rdSM4ia This has been the case for many years. I remember vividly - a few years ago, my colleague was sick with just a cold but couldn't come into work so they tried to take off. However, the manager forced them to come in along with another employee (contractor) who was sick with a bacterial infection. By the next morning, my colleague contracted the same bacterial infection (surprise surprise!) and couldn't speak or eat anything. Their doctor prescribed antibiotics and strongly suggested them to stay home. Despite this, the manager still didn't let them take sick leave and forced them to work from home. As if that wasn't bad enough, 3 days later, the manager literally said "It doesn't matter if you're sick. You're taking antibiotics anyway, you'll be fine. You need to be here!". This communication was all through Skype for business, so HR/Legal can monitor it. Mind you, this was 2 months before COVID started. If that got out, Citi would've gotten into a he-l of trouble, but management looks out for themselves so here we are. BTW, that manager is still here at Citi and has been promoted since!

The one CEO who did anything to evolve and improve Citi's business since the 2008 recession was Vikram Pandit. Granted, he wasn't a traditional banking CEO but was the only person capable of bringing Citi back from certain doom (regulations and liquidation) at the time. However, as soon as he was able to revive Citi out of life support, he was ousted by the board of directors. Then Citi got Mike Corbat, who has managed stay in his role and keep earning the big bucks despite little improvement to Citi's business or work culture. Just look at Citi's stock prices and market capitalization which remained stagnant for over a decade. Rumor is Mike left Citi because of the OCC's consent order in 2022 which forced Citi to cough up $400 million in fines and incur who knows how many losses in lines of business. Now we have Mike's prodigy, Jane Fraser, who announced the reorg citing pressure from the shareholders (i. e. the US government thanks to the 2008 bailout), the very shareholders whose investments into Citi has earned them next to nothing throughout Mike's/Jane's business strategies. This reorg is just to make Citi look good to the market to avoid government audits (like OCC investigation) and regulations, and not to improve anything business related.

@utr+1rdSM4ia I agree. Micromanaging has increased a ton and the status updates are ridiculous busy work activities. We're just a headcount to these managers and robots basically. It's sad and unfortunate. The company could be great if the majority of leadership wasn't so self-involved, bullheaded, and inexperienced.

Jane is leading the Citi ethics. I gotta give it to her, I mean if you don’t she’ll just take it anyway, but I have to give it to her, she knows how to take care of herself.

Its overall disgusting

Poor taste optics. It was reported recently that Jane received a 6% raise while the company is firing 30,000 employees in next 2 years. Not a very good employee morale booster.

This is standard practice in the NYC banking marketplace. Tyranny rules instead of the corporate tagline of being collaborative with your colleagues.

Citi is a failing company. There have been no significant changes or fired workers in some departments since the announcement 5 months ago. The only change is that managers act like tyrants treating workers with suspicion and mistrust. It seems that Citi leaders announced the layoffs to hide their lack of vision and to force workers to work harder.