I have heard of colleagues being laid off on retail, ICG and private bank. Many of them top performers. Yet nothing on Risk. There’s an odd calm, very few if any meetings O/R teams. Has anyone heard what’s the fate of risk analysts and officers? Most of our teams staff are hybrid or remote and across at least 3 states.
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Post ID: @5Brzm+1qEniJJX He was touted as the "G0d" of Risk Data "Management" in the Risk "Management" Department. LMFAO ! He trampled on and got rid of many bodies during his short tenure, aka Firings under the guise of "Layoffs".
Then he, himself left Citi after Only One Year and Chased the Money $$$ at Deutsche Bank, another SH!THole company with equally as many Regulatory monetary fines, Consent Orders, MRIAs and MRAs as Citi. LOL!
Someone said Birds of a Feather Flock Together. So true.
After only one year in Citi, the Risk NAM Chief Data Officer left to go Chase The Money at Deutsche Bank ! ROTFLMFAO ! He saw that Citi is SO FUBAR, Beyond Help and Hope that he jumped out of the CitiTitanic after Only One Year ! LMFAO!
He must have had at least a 2 year employment contract that he broke to go Chase The Money at Deutsche Bank. Deutsche must have offered significantly more Dough !
Post ID: @5aipf+1qEniJJX
You forgot one: "Layoffs-Firings = Unlocking Value".
DART CAO Office and CAO's in general exhibit the Dunning-Kruger Effect.......And also Freddie Kruger. 🤪😁
This article is so on point and incisive.
https://nypost.com/2024/03/09/business/citigroup-ceo-jane-fraser-has-chance-to-pull-off-the-restructure-of-the-century-bring-banking-empire-back-to-its-former-glory/
In addition to HR "Human" Resources, as to who should be Re-leveled or Laidoff, Citi can add the CAO's and their Staff. What do they actually do or work on besides Pontificate and dole out unsolicited advice and recommendations that are actually Not recommendations???
When the CAO's and their staff give out their unwanted "recommendations", these are actually Orders or mandates that you Must follow. The CAO's have only a cursory or trivial "knowledge" about the subjects for which they're doling out unwanted recommendations. Yet, we're ordered or required to follow their ign0rant, Half-@SSED Half-Baked directives. Just because you know how to drive a car, does Not mean you know how to build a car!
It's absolutely NO wonder Citi is in the Freak Show Circus State it's in with its Potemkin Village of !d!ots !
Hi,OP here! 👋
My team was told about a month or so ago that we may be out by the end of the year. We have a good team, competent people but most of our duties are being transferred abroad. I have been training others to do my job and collectively a lot of our work keeps being taken away. At this point don’t know if they are keeping us afraid or if in fact we will get the boot by the end of December. My personal preference will be to get my package. I have been here a long time and I have had the privilege of meeting good people but there’s no future in a company that cares so little for their staff.
George Orwell, "1984" Famous Quotes:
“War is peace. Freedom is slavery. Ignorance is strength.”
"2 + 2 = 5"
“Doublethink means the power of holding two contradictory beliefs in one’s mind simultaneously, and accepting both of them.”
CitiDoubleSpeak:
"Demotion-ReLeveling is Career Growth"
"In-Seat Promoting is hiring external job candidates"
"Layoffs=Firings are Transformation, Reorganisation, Simplification"
Demotions are very much needed here, you can see managers around without basic knowledge and working like messangers, why one need D/SVP to work as messanger new MBA grad can do that more effectively, I never seen manager inspiring team with his act or knowledge, all fighting around politics.
So you all heard it from HR's mouth today during the Townhall Meeting. Corporate 1984 Doublespeak: "We're continuing to "support" career growth through RELEVELING and "Year-end Promotions"..........." . Getting DEMOTED from Director to SVP, SVP to VP, etc. is what RELEVELING IS. They're demotions, lowered Salary levels and lowered Bonus percentages based on Salary. BULLSH!T LIES as usual.
With Any Year-end "Promotions" that may actually happen, Citi means 20% < x < = 1% and much closer to 1% .
The meeting was clear evidence that Citi HATES ITS EMPLOYEES. There's going to be a mad rush escape OUT of Citi, if it's not already happening, just like in the movie The Fifth Element.
I don't buy the Bullsh!t that there will be no further Layoffs in Risk "Management" according to the RMEC. There are people in Risk who are literally worming their way into projects, work or assignments, trying to steal them from their co-workers.
This means there is Not enough work to go around and employees are trying to at least look busy so that they're Not a Layoff target. With all of the numerous Consent Orders, MRAs, MRIAs, CAPs, Control Issues, Data Governance problems, FVCK Ups, etc., there's still Not enough work for everyone???
And then Citi wonders why it's in the Sh!tHole it's in and is fined in the hundreds of millions of Dollars every few weeks!!! What a Freak Show Circus!
This thread was posted on Jan 19 and to date is still the same. All business as usual and no news. Meetings keep going like nothing is so bizarre. I’m about to have a stroke waiting for when the axe will come. And yes I’m a grownup, I can handle the boot but my little ones only have me so not looking forward to be jobless and without insurance particularly since kids get sick all the time. If anyone hears anything “concrete” for US Risk particularly for Texas & FL will be appreciated by me and teammates.
No News today on my team. Read on another thread that Tampa will be getting a visit tomorrow from Mark so if that’s true then things may get dicey
Citi is like the company in the movie, Office Space, Initech. Initech hired a consulting firm like BCG to decide who gets laidoff. They decide after 15 minute interviews with each employee who will get the Axe. The similarities between Citi and this movie are sad, frightening and hysterical. Hence, the satirical black comedy genre. The consultants have NO Fvcken idea what employees work on, who's work is important, why, etc.. However, they insouciantly, subjectively, whimsically and cluelessly FIRE anyone based on trivial, incorrect and incomplete conclusions. by Anonymous | 5 reactions (+5/-0)
Post ID: @3scd+1r5BUstr
Post ID: @uftd+1qEniJJX We're assuming you mean Coriolanus of Hunger Games and Not the Coriolanus from Shakespeare's play. Either way the characters are similar.
Post ID: @daye+1qEniJJX So did you Cut-the-Che3se in Risk Management in 388 on February 14 because you love Risk Management ? Hopefully Coriolanus of DART got wind of it.
13 days after original post and nothing. Meetings have resumed but there’s no substance. And more of the same no one knows anything.
Enterprise Risk Management:
- Why do you need a MD level resource for training and that too with no reports
- One MD has 7 MDs reporting
- Do you ever get estimations of work load? I guess 3-4 hours of work and after that socialization and chatting
- I have not seen measuring product success and ROI
- I don’t think either HR or people managers really looked into their staff profiles and skill set
I wonder where is layers elimination?
I will Cut-the-Che3se in Risk Management in 388 on February 14 because I love Risk Management.
The Employee-Employer relationship is adversarial just like in a Court Room or Legal Situation or Lawsuit. Most employees do Not know or realise this. Employers are certainly aware of this relationship dynamic. Each side's objectives are diametrically opposed and opposite of the other side. Employers want to pay as little in salary, bonus and benefits as they can get away with and Svck Out as many working and waking seconds (Not minutes) as they can extract out of the Employees. Employees want to be paid as much and as high as possible in salary, bonus and benefits as they can extract out of the Employer for as little work and effort as they can get away with. You are NOT family, friends, relatives, allies, or Husband & Wife with your Employer and vice versa. You can NOT FIRE your family, relatives or friends. You can choose NOT to speak to or have anything to do with your family, friends or relatives, but you can NOT Fire them. Your family/relatives are still related to you even if you are estranged from them.
@6axa+1qEniJJX
Couldn't agree more
There are Firings disguised as "Layoffs" all over Risk Management. A GRR Director was "laidoff" last Feb 2023 and another Director transferred into GRR for the same exact job.
The news reports about Jane Fraser and her sycophants stating that Citi is focusing on improving and maintaining Risk and Controls are total and emphatic BullSH!!T ! There have been so many employees and people managers laidoff in Risk Management, Risk and Controls, and Not only the Technology employees since January 2023 up to the present time. The lack of sufficient and substantive Risk and Controls coverage contributed to the $900 Million Free Money that was erroneously wired out to Revlon's creditors !
What about aml in tampa?
We had a 1,000+ team meeting today that was an absolute joke. It’s all BAU nothing to see here. “Keep working busy bees and forget we will give you the boot whenever we feel like it”.
There will be at the very least two more rounds of layoffs and people getting shifted around. One in Feb and one in March. It's Not just layers being eliminated, some MDs and Ds were "laidoff" because of performance or the Head Top Main MD just did Not like him/her. The latter were fired under the pretense of a layoff. How can it be a layoff if Citi has an open role for the same exact job, title, description etc. and Citi is actively searching for a new hire ???
CAO is not safe at all.
A certain male DIR used to work in Risk CAO and has suddenly vanished. Oops.
CAO Risk was and is barely touched. Only one maybe two layoffs during the past year. CAO Risk Head protects her people and is in Jane's pocket.
Risk has been laying off since 4Q 2022. I know some of the people who were laid off starting since 16 months ago.
Risk NAM has already been partially affected
I see two DIRs in NYC are gone already, one ERM and another in CAO (Risk).
I heard Retail bank on Monday.
I haven't heard anything about the Risk area.
Risk is Monday, but no gossip just yet.
January 22 Monday is Major Axe Day all over Citi. We were told Risk will be affected.
I’m sorry you had to go through that. Hope things are better for you now.
I was in Risk in NY I was laid off in October 2023. No one is safe.
I heard ORM Director role is impacted