This is capitalism on steroids. Thanks America!!! People are being laid off and CEO is being rewarded as if she found crypton!! What a world we live in. No CEO should make more than 30 times of average FTE salary!!
12 replies (most recent on top)
Basically layoff people and take bonus. That's how it works. Also, the Boston Consulting Group appears to have some favorite candidates based on Race, Caste and Nationality etc.. Citi had to layoff people whatever BCG suggests. They have to closely look into BCG overseas transactions, gifts, cash etc..The process is not transparent and they appears to be favoring immigrants over locals! The government should look into this. It's a shame!
Brian Moynihan over at BoA didn't make out too bad either...just shy of Jane at 41M although employees have complained about tiny yearly raise not in line with inflation, smaller bonuses etc. Same story at every big bank.
She did not miraculous save the company. Anyone can say to layoff ppl off. She does not add value.
I don't complain, got 25% raise this year with promotion + yearly bonus of almost 3 monthly salaries. If that's possible thanks to letting go a few useless people somewhere in US, I'm fine with that lol
1.5% here
@a1 it’s been this way for decades now. Need more socialism.
@b4 in no way are layoffs considered a result of poor planning or forecasting. It’s a natural part of the business cycle and happens for a variety of internal and external reasons.
This whole thing was set in motion when she got the Chairmanship. How quickly they forget about what happened the last time the CEO as also the Chairman. Like literal lipstick on a pig.
@OP The DOW is over 50,000!
You got a 2% raise?
Usually a layoff is considered a failure in forecasting or planning and not something that’s celebrated. At Citi though its considered transitional development and is met with a ticker tape parade.
The bottom line is this, when it comes to sacrificing Jane’s bloated bonus\raise vs chopping headcount, the employee will lose every single time.
Promises to the board were made that AI would be a tremendous cost savings. No true plan, just throw that out there so that we aren’t left behind our peers. It’s not worked out like it was sold, so you gotta recoup the $ from somewhere. You have to lay a dollar figure down at the feet of the board and here we are. Chopping heads to save Jane’s bonus\raise.
Offshoring, buybacks and rewards for top execs - the recipe for success in the past 30 years...