Citi feels like a company moving without a clear direction. Decisions seem reactive and disconnected from what teams are dealing with day to day. I keep waiting to see a real long term strategy show up. Open to being proven wrong, but I am not seeing it yet.
21 replies (most recent on top)
@hs How to say you have zero idea how a business works with out saying it. Congratulations!
@ha
Banamex……gotta have it…..ok, wait….never mind…..let’s leave there.
Throw money at the Russia region….um…wait….ok, undo that, take the $ loss.
Throw money at the China region…..oh, yeah….oh, undo that, that too is money wasted.
Let’s layoff now because of the loss of revenue, overhead is too much
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Nothing to see here…move along.
Give me my 20 million $ bonus and raise please.
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I’m sure the future holds more of the same. Rinse, repeat.
China team let go was in works for at least a year after flagged by Feds due to security. No surprise there. Btw they were compensated nicely.
The plan is simple, layoff long term employees that know the business, bring in cheaper staff that will probably hold it together long enough for the current senior staff to pull out their bonus money and run away when the company falls apart.
@eh supposedly some businesses like wealth and banking&international in Jan and then AML/Consent Order in Mar
The head of Data Transformation within the COO just 'retired'. D Seabolt
@e9 so basically they are threatening by giving 4 that we can make you get nothing
Dos anyone know what areas are impacted in mid Jan and then mid March? Those are the 2 dates folks have floated
@e9 edited for accuracy “you will get severance”
@e4 how about it? If you get fired as a 4 you get nothing. If you are part of a RIF you may get severance.
How about getting fired with 4 ?
Getting laid off, is Citi’s way of demonstrating how valuable you are to Citi. How revered you are as a Citi family member. You should feel honored to be let go. It helps to contribute to Jane’s raise, bonus and stock awards. This should be your core focus.
@dn layoffs make us stronger. It’s a solid plan
@dn The point is money. Investors making lots of money at the expense of impacting people's livelihood. Been happing for a century. The upper 1% do not care about long term effects. Get in, cash out with enough to never worry about their personal long term effects and move on. It's greed. Unapologetic, morally and ethically bankrupt, greed. The other 99% get left in the rubble.
But how the bank will run? I mean we saw what happened after 2023 end reorg sev1, China layoff multiple sev1..isn't it just making it weaker from inside and putting it behind on the line? I mean what is the point? They layoff, then understand it's not working, then get people, then again layoff
@dk but we’ve only laid off 50% of the Bora Bora target…
The plan is simple. Drive stock price up. This happens when you reduce costs and increase profit margins and dividends to shareholders. Easiest way to do that short term is reduce your biggest expense - people. Continually re-org to promote perceived duplicity. It's not sustainable and I am curious what all these banks and tech companies will do when all the people that are being laid off have no money to buy anything and companies make less money. Restaurants are a good first indicator. And if you haven't noticed a lot of restaurants are closing lately. This is a short sighted approach that has big impacts down the road. Job losses are ramping up, available jobs dropping. Less jobs, less employed people, less money in the machine. But in the short term, stockholders cash in.
@b1pretty sure that’s not their plan but I’m retiring 2/2 so too bad so sad..
A plan…..HAHAHAHAHA!!!!! Yeah, right.
Their plan is to let your @ss go and make sure Jane gets your salary instead.
There’s your plan. Welcome to the family of Citi.
Have you not being paying attention to our divestitures and organizational structure the last two years. You can’t discern a clear strategy from that observation?
Cause Wall Street and I can.
It depends on what the other banks do. As soon as the other big banks make a declaration, Citi is soon to follow.
The company says one thing and then does another. Last spring, our MD said that the reorg is behind us. When we all knew (the people who don't drink the Kool-Aid) that more stuff would happen because of the whole 2026 window. Then two months later the China team was let go (Tech). Basically this place is a dog chasing its tail. Things that make sense to normal people or at normal places is like rocket science here. I agree they have not learned how to be proactive just reactive. I am baffled almost daily about stuff.