Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Thursday Note (early preview)

Dear Team,

Over the weekend I helped my son Luke assemble a bookshelf for his dorm. It looked simple. Six planks, a sack of bolts, and the classic IKEA Allen wrench. I figured we’d knock it out in under an hour and still leave me time to prep for our upcoming Town Hall in Jacksonville where I’ll be sharing the same five transformation slides in a slightly different order.

But Luke looked at me and said, “Dad, I want to build it myself.”

Now my first instinct, after years of stocking the dairy aisle at 5 a.m., running sub-7s before sunrise, and yelling “line change” from the bench as a volunteer hockey coach, was to just do it quickly myself. Efficiently. Quietly. Correctly. But I paused. I handed him the Allen wrench. And I watched him take ownership.

We made mistakes. Panel F was upside down. Shelf C split under pressure. Eventually we made the call. That shelf had to go. It simply didn’t fit the new structure.

And in that moment it hit me. We are that bookshelf.

At Citi we’re in the middle of rebuilding something leaner and stronger. That means removing pieces that once served us but no longer support our future. That means saying goodbye to some great colleagues. Not because they didn’t add value but because they don’t fit the updated blueprint that my highly paid friends at PwC repurposed from another client and swapped in our logo.

We’ve also had to make adjustments elsewhere. Like our 401(k) match, which is now more “market-aligned” (read: reduced). It’s not easy. But sometimes, in the spirit of driving our organization forward, you stop asking whether the structure is perfectly stable or whether everyone is still inside. You just rearrange the parts, declare it transformational, and leave the fine-tuning to whoever's in the seat after you.

Now we’ve heard your questions about raises. And while compensation structures remain under review, rest assured your feedback has been noted — possibly even forwarded to someone in HR. Of course, if you’ve ever emailed HR, you know that’s more of a symbolic gesture than a functional one. In the meantime, I’m pleased to share that this August we’re offering extra work-from-home flexibility. Part of our broader effort to promote work-life balance and reduce the electric bill at 388 Greenwich.

Yes it’s tough. Yes the bookshelf leans a little. But it stands. Because we made the hard decisions. Because we let go of what didn’t serve the structure. And because we trusted that a simplified foundation still supports strategic goals and senior compensation targets.

Thank you for all that you do.
Trim

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| 3044 views | | 12 replies (last June 26) | Reply
Post ID: @OP+1jxv8dnpv

12 replies (most recent on top)

Funny how with all this bad publicity, continual cuts in resources and US jobs being offshored.

OCC is saying nothing to force Citi to stop cutting and offshoring until Citi can get the issues resolved. These continual cuts, reOrgs are the root cause of the extremely poor morale in the company and much of the reason why there is no appetite to work hard and go over and above anymore.. there is no more blood from the stone Citi can extract.

TR puts on a positive spin on his Town Halls but it’s all a front to what’s actually coming. Slash and Burn is the overall plan.

Where is Trump and the WH administration in all this to stop companies like Citi and others sending US jobs offshore..maybe they don’t know, maybe someone should tell them.

So much for Make America Great Again…How about let’s start with stop the cutting of US jobs and Offshoring them.

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Post ID: @1qc+1jxv8dnpv

@OP TR and AN are garrulous and loquacious Hot Air Balloons with Baskets filled w/ the BullSh!t they dump on employees during their Vaudeville Clown Townhall Shows.

it's No wonder GS (CIO Marco Argenti) and JPMC (CIO Lori Beer), etc. Laugh their AS$ES off at Sh!tibank. LMFAO !

Sh!tibank has Non-Data Clowns as Heads of Tech and Data. TR is a CPA Accountant. LOL!

https://www.ft.com/content/3e2124e3-6750-4182-b57f-810615063aa1

https://www.ft.com/content/3e2124e3-6750-4182-b57f-810615063aa1

Citigroup strips COO of responsibility after $136mn fine
Former PwC partner Tim Ryan will take over data overhaul team from Anand Selva
Citi has added thousands of employees in an effort to fix problems in risk and data controls © AP

Citigroup strips COO of responsibility after $136mn fine on facebook (opens in a new window)

Stephen Gandel in New York

PublishedSep 16 2024

Citigroup is stripping chief operating officer Anand Selva of his responsibility for a key piece of its compliance work, after the bank was fined $136mn by regulators this summer for reporting failures.

According to four people familiar with the changes, Selva will no longer head the data overhaul team working to satisfy regulators that the bank’s compliance systems are up to scratch.

He will lose responsibility for about 800 employees.

Citi was fined $136mn in June after inaccurately reporting the details of tens of billions of dollars of loans to regulators.

Following the fine — which specifically mentioned Citi’s data issues — chief executive Jane Fraser pledged to commit more resources to improving data controls.

Selva’s responsibility for data compliance will be shared with Tim Ryan, the former accountant and top PwC partner who joined Citi in June.

The move makes Ryan, the bank’s chief technology officer, the third senior Citi executive in three years to oversee the task of fixing the bank’s persistent data problems.

The decision to move responsibilities to Ryan from Selva was made last week during a series of meetings Fraser held with bank executives and board members.

Selva will remain head of Citi’s larger effort to improve risk controls and continue to head the bank’s back-office operations.

The shift is seen as an acknowledgment that he had been stretched too thin, according to a person close to the bank, and that adding another executive to the effort would speed up the overhaul.

The change in responsibilities is a blow to Selva, a 33-year Citi veteran and one of the bank’s most senior executives. Selva ran Citi’s consumer business and was promoted to chief operating officer in March last year.

Citi is expected to announce the changes as early as Monday morning.

The bank will also name a new top data officer to replace Japan Mehta, who reported to Selva. Ashutosh Nawani will instead report to Ryan.

Selva and Citi were sued this year by a former staffer, Kathleen Martin, who claims she was instructed by the executive to lie to regulators. Martin alleges she was fired after telling regulators instead that the bank was behind schedule in fixing its issues.

Citi, which is fighting the lawsuit, said Martin was fired legitimately for performance issues. A spokesperson for Selva declined to comment.

Gary Stevenson claims to have been the best trader in the world. His old colleagues disagree

The bank has added tens of thousands of employees in recent years as it seeks to close gaps in its risk management and data controls.

In 2020, it mistakenly sent $900mn to creditors of cosmetics company Revlon. The error resulted in the ousting of the bank’s then-chief executive Michael Corbat and the imposition of a regulatory consent order requiring it to fix the issues.

Selva assumed responsibility for fixing Citi’s compliance issues in the first half of last year after the departure of Karen Peetz, a veteran bank executive.

At the time, Fraser said Selva was a “highly disciplined operator who delivers results”.

However, the bank failed an inspection by the Federal Reserve in September last year. In May, the bank was fined £62mn for failing to catch a $1.4bn trading error that briefly shook European markets.

In June, banking regulators rejected Citi’s so-called living will — a detailed plan to wind itself down in the event of catastrophic failure, also citing data issues. The following month, it was hit with the $136mn fine.

Fraser has said that fixing the bank’s risk controls and satisfying regulators is one of the areas in which the bank has come up short under her leadership. She has pledged changes and previously said the bank would redouble its efforts.

Citi declined to comment.

This article has been amended to clarify that Anand Selva will share leadership of Citi’s data programme with Tim Ryan

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Post ID: @1hs+1jxv8dnpv

He told a heart felt warming family story that ended in a lesson learned much like the Hallmark Channel. This means he can relate to the common folk and we should trust him. At first I was leery, but as the story unfolded, he won me over. It makes digesting all the layoff all the more palatable. Thank you sir….thank you for just being you.

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Post ID: @gg+1jxv8dnpv

fuvking bullsh!t, who cares his family

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Post ID: @ep+1jxv8dnpv

@d7 SUrely one of his minions can work up the courage to tell him?

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Post ID: @d9+1jxv8dnpv

Post ID: @cp+1jxv8dnpv

The only way the original CIO Trim Bryan will know about his doppelganger posting on this site is for the Doppelganger to post his own postings in the VOE comments section.

Throw in violin-playing and eyerolling while you're at it.

It's doubtful the original Trim Bryan goes to this site.

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Post ID: @d7+1jxv8dnpv

HAHAHAHAHA!!!!! Brilliant! Wonder how long before someone tells him about this forum and he stops providing the fodder for getting roasted here?

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Post ID: @cp+1jxv8dnpv

@c8 More like Nero writing as Citi burns

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Post ID: @cc+1jxv8dnpv

@OP I nearly spat out my coffee in the first line itself.

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Post ID: @c9+1jxv8dnpv

These Thursday emails have started to feel like fortune cookies in a burning building.
Comforting syntax. No substance.

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Post ID: @c8+1jxv8dnpv

Mr.Trim, nice speech.
Firstly, Lean organizations should have open communication and being transparent which is lacking at Citi because some of the MDs are typical old fashioned Managers with no work ethics and probably never heard of “Empathy”.

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Post ID: @bp+1jxv8dnpv

@OP you are very talented, what are you doing at Citi ?

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Post ID: @ae+1jxv8dnpv

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