Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Post ID: @34apo+1qUnLxKY Yeah it shows. Citi can only attract low quality job applicants who become employees who can Not fix Citi because Citi is cheap because Citi is destitute. The Vicious Cycle continues. Lather, rinse, repeat. LOL!

Another poster said that he worked for WF before moving onto Citi, and WF is relatively worse than Citi. WF will fire / lay you off as soon as you're hired possibly only after 6 months of working there. I can believe this since WF and Citi are worse off financially than BofA, JPMC, Morgan, GS.
I worked at BofA and the general rule of thumb is that once you hit your 18 month tenure mark, you become eligible for inclusion into the next Layoff round. This means your name goes on a "possible layoff" list from which they choose who to axe in the next Layoff round. Companies are always doing layoff even mini-layoffs every few years.
Most financial institutions probably have a similar policy. During 2023 and 2024, I've seen CIti people with only 2 years tenure or slightly more than 2 years, get Laidoff.
So this means that WF, Citi and other financially struggling companies (BNY Mellon, HSBC, etc.) are only attracting the desperate, Laidoff, long-term unemployed and/or Others / Svckers who have high expenses (mortgage/rent, medical, children, credit cards, auto loans, etc.). Basically, Not the best or the brightest, but the desperate who are willing to take pay cuts if not significant pay cuts.

VOE IS WASTE OF TIME AND ALL ITS GATHERINGS. ITS MEANINGLESS..

I swear WHEN NOT IF the media report that Sh!ttybank is getting SOLD in whole or pieces, I will ROTFLMFAO and PAAAWWWTY !!! It can NOT get out from under the numerous Consent Orders, MRAs, MRIAs and monetary fines. Every few weeks or months $hittybank gets hit with new ones It's worse than Wells Fargo ! $hittybank is terminal and on life support! LOLOLOLOLOLOLOL!!!!!!!!!!!!!!

LOL to the PMO haters. no triggering here, but amused since “ hit dogs will holler! “ I’m sure some of the folks advocating for eliminating don’t know what a PMO is or what project manager is.

Why needed? C is not good at project management either. There’s a MRA from 7 years ago that keeps failing due to poor project management.

Not my monkey nor my circus. Carry on!

Post ID: @2Plim+1qUnLxKY There are posts on this website about PMOs. PMOs double, triple check other people's work and edit Excels and PowerPoints. LOL!
Department X has Team A work on a project. Department X's group of PMO's "oversee", double and triple check Team A's work, and edit their docx', Excels and PPTs. This is a waste of money, resources and time.
Why can't another Team, Team B or someone from Team A who is Not working on the project be assigned to give objective perspectives instead of having PMOs who have only a cursory idea of the project and the details editorialize and chime in with their unwanted opinions?? This is too logical and makes too much sense, and so Citi will Not implement this practice and get rid of the PMOs.

Post ID: @2Pata+1qUnLxKY Nerves were struck ! The truth hurts. LOL !

@2Otca+1qUnLxKY

You seem trigged and doesn’t know what a PMO does. You decided to throw that acronym around while basing CAOs.

Get some help.

Post ID: @2Otca+1qUnLxKY This is so true! It's common knowledge about the Secretarial/Admin Assistant Purgatory. This is where employees get pigeon-holed and stuck working as Admins for most if not their entire lives even though they're highly capable and they want to move up in the company and/or their careers.

Even though Goldman, Morgan and JPMC have higher caliber Admin Assistants, it's difficult if Not impossible to get out of the Admin role at these companies. Once an Admin always an Admin. I know people who were Admin Assistants for 10 to 15 years before they were finally promoted to an Associate-role. This is Citi's equivalent of AVP or VP.
So in other words, Admin Assistants-Secretaries from Goldman, Morgan, JPMC should come over to Citi because they'll immediately get hired as CAO or PMO VPs, SVPs and Directors! ROTFLMFAO!

We all know that Citi and CEO Insane Jane Fraser LIED when they said they're getting rid of the CAOs and CAO Staff. Every single Citi Department STILL has a CAO. I came from Goldman and JPMorgan Chase and obviously regret my decision to leave those 2 companies for CitiCircusTrainWreck. GS and JPMC do NOT have CAOs who do Secretarial/Admin Assistant/Executive Assistant work like planning and scheduling lunches, group/team outings to restaurants, team activities, Citi Field to watch the Mets lose, H3LL even Potluck lunches, etc.. We have Secretaries/Admin Assistants who do these tasks.
Also, the Admin Assistants in GS, JPMC, Morgan etc. are held to a higher standard and expected to do tasks that a Citi AVP+ would do, for example edit Excel and PPT Workbooks including knowing how to do the advanced financial and mathematical functions.
I can guarantee that if Citi hired CEOs Jamie Dimon or David Solomon to replace Insane Jane, the former will FIRE and get rid of the CAOs, PMOs and their staff asap. CAOs are only Super Duper Secretaries that are grotesquely Overpaid (with the exception of CAO Staff who need and have Regulatory and Compliance work experience). What company in their right mind (NOT Citi) pays CAOs who are VP, SVP, Directors and in some cases MDs salaries that are 2, 3, 4 or 5 times the salaries of Secretaries/Admin Assistants to do Secretarial work??? Jamie Dimon and his mentor, Sandy Weill have a reputation for being Cost-Cutters, nice euphemisms for being miserly and perennially Laying Off employees. If Citi truly wants to save money (Citi does Not), Citi would have gotten rid of the CAOs and PMOs.
The CAOs claim that they do Not do Admin Assistant/Secretarial work, and that this reputation is untrue. Well, if it talks like a Duck, acts like a Duck, walks like a Duck and Quacks like a Duck, it's a Fvcken Duck !!!
This leads to another question: Since the CAOs are doing Secretarial/Admin Assistant work, then what the Fvck are the designated Admin Assistants doing besides scheduling meetings, travel and compiling expense reports ?? And even CAOs compile expense reports! This task entails pasting expense receipts with scotch tape onto white paper, scanning the paper with all of the receipts and using the Concur or similar Expense Software to submit the Expense Reports to the Finance Dept. for reimbursement. LOL!

Again, Citi is grotesquely Overpaying CAOs and PMOs salaries of $150,000 to $350,000+ when the Secretaries/Admin Assistant who do the Same Fvcken Work at Goldman and JPMC make NO where near those salaries even after including their year end bonuses!!!
And then Citi wonders why it's poor and is in the Sh!tH0le it's in. LOL!!!

Citibank / Citigroup is a White Elephant.
https://dictionary.cambridge.org/us/dictionary/english/white-elephant
white elephant
noun [ C ]
white elephant. noun. : something requiring much care and expense and giving little profit or enjoyment.
something that is expensive, or that costs a lot of money to keep in good condition, but that has no useful purpose and is no longer wanted.
something that somebody no longer wants but that is offered for sale to other people

This is what happens when senior citizens run the bank with their old school Dinosaur ways.

True, real leaders Lead By Example, something Jane, Mark and the others in Executive "management" clearly can Not and do Not do. The optics are bad when Citi and the CEO, Jane Fraser, CFO, Mark Mason etc. tell employees to take one for the team so that Citi can get back on its feet, accept and agree with the fact that they will get zero or low salary increases and bonuses, and that there are few if any promotions AND THEN Citi, the C-Suite and other MDs and Ds, receive and accept millions of dollars in salary increases and bonuses !!! What Fvcken Hipocrites !!!

Post ID: @Hcis+1qUnLxKY This is true. There are CEOs and other C-Suite employees at other companies who have chosen to freeze their salaries, take a pay cut or not take or receive a bonus. But at Citi, everyone especially "Management" are Greedy P!GS and will take food out of the mouths of babies or homeless people, will throw everyone else under the bus and it's every Man, Woman, Whatever for Themselves !

As others have already posted, a true, real Leader will Not and would Not have taken a Salary increase when the Company is going through Mass Layoffs, hundreds of thousands of Employees amongst Citi's 260,000 (before Mass Layoff started) received Zero to Lilliputian Quark-sized Salary "increases" and/or Quark-sized "Bonuses" AND are struggling with paying for the basics because of INFLATION (food, housing, medicine, gas/petro (in UK parlance), etc.). Marie Antoinette, aka CEO Jane Fraser, only confirms and substantiates that she, along with Citi's Executive "Management" are Insouciant Avaricious Greedy P!GS !!!

Post ID: @Uqmo+1qC0NMPJ Do the Bare Minimum until you find a BETTER, NEW External Job OUTSIDE of Citi or get your WARN And Severance (Both Hurt Citi) For Your Pain and Suffering. Do NOT go the extra mile or do more work. Do NOT multitask. Do NOT rush. by Anonymous Post ID: @Vfxh+1qC0NMPJ

Post ID: @4kwv+1r38LeNN Here's a better one to top your post about Chief of Staff roles (Super Admin Assistants) SVPs getting promoted to higher roles as Chief of Staff: Actual Admin Assistants (nice euphemism for the mundane real word: Secretary) getting promoted directly to VP or SVP without having to go through the process of having to learn the work, capabilities and earn the titles and salaries through the Corporate Ladder of Analyst/Associate, then AVP, then VP etc.. This Only happens in Citibank or rather,
Sh!tibank. In Goldman and JPMC, it could take 5 to 10 years for an Admin Assistant/Secretary to be promoted to Associate. But at Citi, due to cronyism, nepotism, favoritism and clicks, even those with No, negligible or non-relevant "skills" will get promoted. There's a pattern. The companies that do this and where it's BAU and pervasive end up Extinct: Bear Stearns, Lehman, Gruntal, Wachovia, etc. What's worse is that the lack of or low professionalism and integrity lead to malfeasance and a multitude of regulatory and compliance problems. This is happening to Citi now with its multitude of Consent Orders, regular orders/mandates, violations, monetary fines, etc. from the FRB, OCC and other regulatory agencies including those in Europe. The Grim Reaper is staring at Citi and motioning for Citi to come home to him. ROTFLMFAO ! by Anonymous Post ID: @cuxh+1r38LeNN

Citibank needs to rename itself Sh!tibank. It's a Sh!thole and has an apt Sh!tty reputation ! LOL !

Jane Boraxe got $5.2 million in cash with $20.8 million in deferred stock, which was higher than what Jamie Dimon got !

Post ID: @amxj+1qUnLxKY Citigroup should say Auf Wiedersehen to the banking industry. Every week pieces of it are getting sold: distressed debt trading, international consumer banking, municipal underwriting, etc.. LOL !

Very true. Citi nevertheless has time-wasting sometimes up to 4 hours in one day, get-togethers, lunches and get-to-know-you better events and activities where employees are forced to join "fun" activities and events. This is forced fun and Not fun at all. Quite often the questions and activities involve divulging personal or private information about ourselves. This is an invasion of privacy and violations of Civil and Employee Rights. Not only are these events wasting Shareholder time, but they also waste Shareholder money ! Quintessential Citicraziness and CitiBullSh!t ! Employees and Co-workers are Not friends. We can be friendly towards each other, but we're only work colleagues and definitely Not friends. Once a Paycheck is involved, we are No longer friends.

Post ID: @bcxo+1qUnLxKY The same is true about Co-workers. Co-workers are Not your friends. The minute a paycheck is involved you are No longer friends, only colleagues or Co-workers. This includes relatives or personal friends who get hired by your own Employer. Co-workers will throw each other under the bus to protect their jobs, hog up and monopolize work or jobs they may want in the future. No one has friends at work. Employees are always in survival mode and when food is scarce people will lie, cheat, and backstab each other.

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. by Anonymous| 9 reactions (+9/-0)
Post ID: @kzqa+1qvwCb1l

Post ID: @nau+1qUnLxKY Gee Thanks Citi "Manager" or HR. NOT ! Write a Disclaimer on the annual VOEs stating, "We hear you, Employees ! But we're NOT changing FOR YOU. Citi wants Employees to Change FOR CITI. You're only wasting your time and effort and Citi is only wasting Shareholder Money on these VOEs." Since this is the case, Citi should just get the FREE VOEs from this Citi Complaints Website, www.thelayoff.com and save the Shareholders' Money !!!

Post ID: @nau+1qUnLxKY By now there are both internal employees and Laidoff employees who have Schadenfreude, have the goals to and are poised to bring down Citi because of the way they were mistreated. They're Not caring about helping Citi. At least some of the current employees are keeping solutions, industry knowledge, skills and efficiencies to themselves and looking forward to giving them to their next Employers, Citi's Competitors to help Citi's Competitors and further bring down Citi closer to bankruptcy. Rome was Not built in one day and Rome was Not destroyed in one day. Every thread that's pulled from the tapestry no matter how small contributes to the fabric's or tapestry's downfall. De@th by a Thousand Cuts. So why should any current or former Employee tell you or Citi how to improve Citi ???!!! Also any corrective actions have already been explicated ad nauseam BOTH on this FREE Citi Complaints Website www.thelayoff.com AND the Citi VOE Surveys every Fvcken Year!!! Citi is BrainDead and Tone Deaf. Citi obviously wants the World to change for Citi, NOT the other way around!!!

You guys are harsh. Jane is suffering like the rest of us.

Citi is the laugh of the town you say?
Well I can assure you Jane is laughing all the way to the bank at each payday deposit.
She, not you….but she wins either way. If the company does good, she gets money.
If the company does bad, she still gets money, remember she gave herself a very healthy raise.

lots of truth in the post

Post ID: @wim+1qUnLxKY
When you are applying to another role whilst still employed with Citi..it I'd considered a lateral move with same salary unless it's a move up for example C14 to C15..never-ending what is published.
If you are a boomerang employee- then you are paid the Market salary.

From another post: Jane’s main focus is to dismantle and sell Citi off in parts. When she’s done she’ll retire.

I’m beginning to think this is true.

It’ll be a good chapter for her autobiography that she’s writing on the back end. Chapters will include being the first female CEO for Citi, a chapter on her pushing DEI, a chapter on chopping up Citi, a chapter on how she deserved the raise she gave herself etc…..

“Attracting and retaining top talent will always be an impossibility for Citi. They are so hard set against paying a decent wage and settle for paying at the lower end of the pay scale and so begrudgingly increase your pay slowly over years. “ ===correction on the sentence

Attracting and retaining top talent will always be an impossibility for Citi. They are so hard set against paying at the lower end of the pay scale and so begrudgingly increase your pay slowly over years. It also warrants mentioning that the job market is in fact getting much better.

I know it all depends on your location and your skills, that being said, for me I see a huge spike in job openings. It went from a handful for 2 months to 200+ in the span of 2 weeks. Using primarily LinkedIn job search.

“Gee thanks LinkedIN HR”, nope, I’m a Citi employee for now anyway. Just sharing the resource used and am definitely not waiting around. A light at the end of the tunnel. I already see some postings that are offering more than what I’m making now. So, giving it a shot.

@nau+1qUnLxKY

Jane should just “lean in” to her employees and teams. Thats where she will find the answers, but its a more difficult undertaking than hiring a consultant to do the work.

Amen to posts here. Can’t agree more.

1. Invest in talent who are genuinely trying to do the right thing for Citi. Make it enticing for them to work here.
2. Invest in technologies that would serve as competitive edge
3. Objectify the process of decision making when it comes to technological decisions. Do not base it on the grounds that someone who has been with Citi for a longer tenure said so.
4. Emphasize on fairness and integrity as part of culture. Ensure proper disciplinary actions when not acting with integrity.

I'll see you Citi and raise you Wells Fargo.

amen

Focus more on results vs. the perception of results. Too much emphasis on selling it rather than doing it. Get an understanding that a “focus on results” DOES NOT MEAN SHORTER DEADLINES. Everyone knows that often times a shorter deadline is pushed for no other reason than for some shot caller to put it as a bullet point in their review that they ‘made it happen’ two weeks faster than last year. Meanwhile quality goes out the window and risk goes up often times followed by committees trying to unravel the big mystery as to why. There’s some forward thinking for you.

Here’s a thought. The MDs need to stop reading a pamphlet on something and mandating that “this is the way to go because it looks shiny and new on this colorful pamphlet” all the while not fully gauging the pros and cons or fully understanding it.
Like buying a tech or an expensive process (Lean model) then later finding out that its useless or what we don’t need. Then force everyone to use it anyway because its embarrassing to spend all that money for something that isn’t needed, ya know what, let’s just sweep it all under the rug. If we have to recoup that cost we can just lay people off, problem solved.

To @cbd+1qUnLxKY:

You are correct, it’ll never happen though.

1. ) What some call modernizing technology, other’s call unnecessary. Just stick with the old stuff and squeeze as much as you can out of it. After all modernizing well that’s expensive which leads into #2 below.

2. ) Incentivize staff, yeah, right.

a.) Citi’s idea of incentivize is to use the threat of a layoff to instill enough fear to crack the whip and push for longer hours. Citi is smart about it though, they tell you to drive your own career, then shorten’s every deadline. All summed up with the implied threat of stepping up or you may be on that layoff list.
b.) Pay, you gotta do something here. Citi wants those long hours and wants that expertise but doesn’t want to crack open that wallet for it. I’ve had highly skilled tech friends literally laugh at the pay offered by Citi and turned it down. If you want 150-200K expertise then stop offering a starting pay of 80K “with the promise of eventually reaching a higher salary after years of employment” . Offer what they are worth at the onset of employment.

3. ) Chop away the bureaucratic tasks. Sort of like getting rid of 300 MD and replacing them with 304. Oh wait, that’s opposite of what you proposed. Many empire builders have worked the system and hinged their whole job role on this. Actually created roles for themselves on managing or owning the bureaucratic tasks. Lots of pushback on trying to get a handle on it.

1 She needs to invest in modernizing the creaking tech infrastructure.
2 Incentivise staff to come up with innovative ideas. Maybe try to get ahead of competitors instead of slowly following. Phase out outdated thinkers who are tired and offer nothing fresh.
3 Chop away the internal bureaucratic Citi tasks that are pointless and wasteful. Free up people's time for more productive work.

What are the correct actions should she/or any citi CEO should carry out?
This is not a sarcastic question, I am genuinely interested. Thank you.