It seems like everyone at Citi is thinking that it is only Citi that is doing these type of restructurings. Everyone in the industry is doing it - it is just not that public and also not so many people at the same time. It is better to prune the tree regularly. I spent 5-10y in a similar institution and went through at least 4 restructurings - in one of them 20 directors were asked to pack their bags in one go, but this is definitely better than allowing the company to bloat to a huge size and start losing money and then having to cut 10-20-30k employees at once.
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Post ID: @1wwe+1qFebEld And you're Svcker enough to read them ON EVERY THREAD. ROTFLMFAO ! Get a life man, seriously. I feel sorry for you!
@bfr+1qFebEld Really? You copy and paste your same hot garbage post onto multiple threads? Get a life man, seriously. I feel sorry for you
The waste of money they spend on with traveling and these big conferences.
For us growth = You hire DEI candidates qualified or not. Then hire more people to do the actual job.
So who do you let go? Can’t let the DEI hires go, gotta tic that political box. So that leaves the actual qualified people. What does quality, accuracy, timely and efficient results look like now? I mean there’s some 23 million dollar salary forecasting for you.
This is a problem with corporations and boards - company is doing well - they pressure leadership to be the market leader and keep increasing earnings. Leadership doesn't know what to do and just makes big visible changes so that the board knows they're doing something. It then goes wrong and they start losing money. They fire the CEO and get someone else to rescue. Once the company is doing decent they go through the same cycle again.
The whole system is wrong of expecting infinite growth and profit gains. Eventually people burn out and nobody benefits sometimes they even have to go out of business, but it's become and expection and business as usual. You can't keep squeezing out employees for more and more profits and expect things to work fine.
and the ridiculous salary people are getting hired in 2022 with 18% pay increase. Crazy! BA/Lead making 200+
They were trying to fix a particular problem in their system. It's fixed now, so they can layoff all the people who had no idea how to fix the problem.
Circles back around to poor management, forecasting and decision making for the 23$ million dollar salary paid out.
I think the issue is that they still hired a lot of people in 2023 while they knew that they need to control expenses. Had they not hired so many people in late 2022 and 2023, this firm probably would just need to cut 5k and then be done with it.
The only firm unethical, and negligent behavior is accepted is
at firms like this one. You obviously only worked for the worst. So sorry for you.
True, some companies are laying off this year, yes, it is normal. The severity of it though should be mitigated and lessoned by proper leadership of the company as a whole.
Is it normal to make mistakes in the billions.
Is it normal to give away 700 million to the wrong company ant then have to also pay a 400 million dollar fine on top of that.
Is it normal for the CEO to give themselves a raise while they lay off people in the 10’s of thousands. In light of the numbers of people to let go, if the company is that bad off, shouldn’t the CEO forego any raise?
Is it normal to be making business decisions in a company, based off of guidance given to you by someone else who’s purchased stocks in the same company in order to make the stock rise. Is this correct? Isn’t there training against this? —https://www.reuters.com/business/finance/warren-buffett-tells-citigroup-ceo-fraser-keep-going-with-overhaul-source-2024-01-20/
Is it normal to ONLY focus on DEI and nothing else? No innovation?
Maybe if these things did not unfold under her watch, our layoff numbers would not be in the 10’s of thousands.
If you actually were afraid to come in or mentally tramautized by this reorg, get help. And don’t work for a large corporation. This isn’t that unusual.
All companies do reorg and layoffs, some every single year. Employees may end up working in one Sh!!t Hole after another with each one either worse or in the same dysfunctional shape as the other. The Only thing Employers can change or improve for the Employees is Money or Numbers, And maybe also health benefits and fringe benefits (more vacation days, better health insurance, day care for children, company car, etc.). So in other words, the only thing better at your next Employers' is the Higher Salary and Bonus, Until they're Not.
No financial institution should resort to unethical behavior to encourage people to leave (to save on severance). Several people were afraid to work in the NY office September 2022- July 2023. Managers were extremely unethical. Several people became ill.
Citi is actually cutting 20k employees, 5k of it now