Is the master plan to re-level, to shuffle people around and lower their pay, only to circle back around later a month or so to lay many of them off? The severance payout now will be much lower now that you are making less.
Upper management looks at this as being strategic and will try to sell it as such. Those on the receiving end will look at it as being devious.
Ask yourself this, out of all the things you’ve seen at Citi first hand, does this sound like something upper management would do?
Post ID: @hkr+1vP11bHF True and thank you for your post. The poorly execvted Layoffs (e.g. Layoff the wrong people, Layoffs based on favouritism and politics, severance Not being paid out, etc.) and the Demotions aka Re-leveling is just to appease the G0ds=Regulators.
These are bandages placed on the Decades long internal Rot within $hittybank. In nervous haste to appease the G0ds=Regulators, $hittybank placed a bandage on serious diseases like C@ncer or an STD. You need medications, medical treatment and vaccines for that type of $hit.
And No I am Not that guy who keeps calling $hittybank, $hittybank. But since $hittybank gets on the nerves and under the skins of HR "Human" Resources and the Legal Department, myself and several other posters have continued to call $hittybank, $hittbank. If the CitiToilet fits, Sit On It ! LOL!
Peter Holden is one of the pioneer of this devious strategy. The guy is so corrupt and lier!
A company cannot run if there are no employees to manage. All these promotions and perks for managers and up. It will mean nothing when there is no one to manage or poor quality of workers to manage.
I eventually see america have only managers and oversea workers as employees.
I just read the company-wide comm about 344 new MDs. Clicked the link. I do not recognise any of the names. Seriously, who are these people?
Congratulations to the 300+ promotions that have moved such fabulous individuals to MD status now !
Happy Holidays !!!
@czx+1vP11bHF
I do not think the decision makers in Citi thought that far ahead. Of course there will be low morale and even retaliation within the corporation. They are only seeing the outcome they want and not what may happen. Think about the initial wave of layoffs, they did not expect the few ones they kept to quit and leave on their own. They already failed on this execution once
Competitors and other financial institutions generally do Not demote or "Re-level" employees because the Employer will be Sh00ting itself in the foot for several reasons.
Demoting aka Re-leveling is allowing Trojan Horses to remain inside who can do damage to the company. Demotions sow the seeds for Employees ending up with lower morale because of the lower salaries, lower job titles, lower Bonuses, being forced to relocate etc., which leads to Anger, resentment, doing the bare minimum work, working at a slower pace, Not working at all etc..
While inside the company, Employees can literally surreptitiously damage, sabotage or throw wrenches and problems into projects and work, including other employees' work. What can they lose by doing so ? They're already being managed out, FVCKED Over and encouraged to quit voluntarily.
These are some of the reasons why most Employers just cut-off the Employees instead of demoting them. They just cut off the umbilical cord.
Jane needs to go
Originally Citi wanted to lay off around 15k from O&T. Regulators didn’t like it because Citi was too slow to finish consent order. So Citi made this brilliant plan so-called “re-leveling” that will do these: