I hate to see these layoffs but I recall the high flying days of 2002 - 2006. The stock price was >500 (adjusted for reverse stock split). Shareholders were hosed for years due to mismanagement at C. Jane is, I believe, doing what is necessary to right the ship. And it seems to be working. There are so many disgruntled employees at C that I am surprised that there aren't many more layoffs. Wish the best to all.
4 replies (most recent on top)
@az+1kev2eg0k
Agreed.
@az+1kev2eg0k
LOL
Half the time companies layoff for a good reason.
At Citi, its because they don’t know what else to do.
Layoffs are considered a failure. You failed to forecast and plan and need to layoff because: You hired too many, and\or a division, direction, decision, idea failed and now you have to let those people go. It’s all ok though, we are a family. Right?
The pain point is multi fold:
1.) Lack luster bonus and raises since those golden days of yore.
2.) Jane’s HUGE multi year increase in pay (bonus, raise, stocks) while everyone else gets nothing, again, lack luster comps.
3.) Jane’s huge push on DEI hires, which cause headcount bloat. Gotta hire ‘x’ qualified or not, then have enough qualified on hand to actually pick up the slack. Later ooopss….we have too many people. Gotta layoff now.
4.) Lack of vision. I’m tired of our master plan always being ‘see what the other big banks are doing and follow them’.
Is she doing what is necessary, maybe.
Should she be celebrated and rewarded for a job well done, no.
Hate to agree. Per employee revenue and profit is low compared to other big banks jpm and GS. A lot hired in covid.