What about the revenue generating teams? Get off your high horses and make the bank some money!
Citi is here to generate revenue for shareholders. The buck falls with these teams. Guess all these "elite" Universities we target aren't delivering the talent needed. We spend millions a year sponsoring these establishments, for what?
Well, she is a famous Citi person so it makes sense. If you walked into the Ohio office for example you would not get the same reaction, sorry just a fact.
Lol I remember seeing a video of her visiting I think Tampa office and people receiving her like a celebrity and taking selfies, I found that quite odd as I had never seen such thing :D.
It was like people were seeing "LIVE" this "Jane" character from the memos and tv screens and acting like it was some celeb.
If you add the salaries from top execs it comes to 300-400 million or so. These people are being paid millions for doing little. Citi needs to pay execs for performance and not like if they were celebrities.
Risk management team has overrated folks, I see barely 10 years experienced are offered Director role, they barely knows culture and they speak in Indian language at work and sometimes in meetings too.
Jane is done. She is being used to force this change and then she will graciously retire with the achievements of being the first female CEO, pushing DEI up everybody’s ar-e and executing the biggest transformation in the past 20 years. The next person will have to do the heavy lifting to make the bank more profitable again and fix the damage she has done.
citi is full of cronyism and nepotism. whole familes work in the org
Post ID: @ipo+1qzFU70H : Btw that is true. I moved to Citi recently - I am the most experienced member of the team (including other top tier banks) and the best educated one - and still the people in my team who have been with Citi for 5+ y are treated as kings - I have never seen such thing anywhere else. Even my manager sees the difference in the quality of work I and other team members produce - and still they got promotions, etc. purely based on tenure, not abilities.
I worked in risk and no one on my team had a degree besides me. The folks on my team were just shuffled from other areas 15 - 20 years ago and were made VPs and SVPs just because they’ve been with Citi for those amount of years. This is another problem Citi must tackle otherwise educated talented people won’t even bother coming to Citi.
To attract and retain top talent you need to….wait for it…..wait for it….pay them accordingly. This is where Citi falls extremely short. They like to offer bottom to mid range salaries and sell it to the candidates that they should be grateful. The top talent knows a bogus sales pitch when they hear it and hire on with plans of leaving as soon as they find a better deal.
The one thing that Citi had going for it was work from home 100% if your role allowed, now they are retracting that. I find this odd as its the one thing that Citi could do that’s free and could be sold as a perk.
Let’s not forget about cracking the whip to squeeze more hours out of you. Sure its expected to work hard and at times long hours but Citi does not want long hours at times. They want long hours every day but again, not offer you the bucks for it.
And btw, again to support the previous comment, check the backgrounds of the people in risk management - you have a handful of top uni grads there - majority are also based in Mumbai, Warsaw, etc. Unlike rivals like JPM/Goldman - they can afford to attract top people even in risk management and for them that has been a focus for decades. You just need smart people everywhere, not only polished, well-connected top uni grads in sales and trading...
I work in risk - so by no means have any interest in defending front office - but if you look in the performance of the bank, it is not the front office that is lagging. Citi is bleeding money due to bad risk management - most recently the 500mln-1bln because of the Argentinian pesso; 900mln Revlon transfer; again trading loss due to bad market risk management few years ago; the fat finger mistake 2 years ago when again we had a loss; and then back to 2007 and the CDOs... I guess the only good risk management clal was the Archegos scandal :D And I am not sure whether that was judgement, or pure luck :D