Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Post ID: @2pf+1w3v0sGV When employees go silent especially those who were previously vocal, the employees are Not suddenly whipped into acquiescence or submission or under $hittybank's control.
These employees are secretly or Not so secretly plotting their escape route and Exit Strategy Out of TroyCiti. It's just a matter of time before they Quit. But then this may be what $hittybank wants them to do anyway so that $hittybank does Not need to pay Severance.

Well, here we are. This is where the rubber meets the road. Its a new year and…

MD have chosen to “retire” or “pursue other opportunities”.
Reorg still in flux.
Benefits are being altered.
Comps are lackluster for most.
Do more with less is being stressed.
Tech is being asked to become a master of multiple technologies right now, but don’t make a mistake or cause an outage.
Layoffs are still in play.

Like I said, this is a new year, so now, lets see if it has the affect that Jane is striving for.
Let’s see if the plan is working.

Can we grow to the level of other banks? Can we obtain more of the market share?
Doubtful we can catch up to our peers but can we at least match the percentage in growth rate? We have to do more than sustain, we are charged with growth. Will Jane’s master plan get us there? What is the time threshold to gauge success or failure? Q1? Midyear? We will see.

For me, I want, need Jane’s plan to succeed. I need this job and need insurance and need to keep paying my bills but if her plan does not, then what? More of the same? Just keep running off people until we find the supposed sweet spot? or will the board actually do something?

The most significant worry for any company should arise when their most enthusiastic individuals go silent. I find this to be true…..but not at Citi. At Citi, its looked at as , “they’re quiet , we’ve got them whipped and under control. Things are good. “

We will see, have faith. Faith in yourself that is.

Well Jan through March should be interesting. Out of all the different rumors, they seem to share one common thing that “things” are going to take place during the first quarter.
Now what “things” are, is anybodies guess but whatever takes place if anything, let’s see if it makes not just a difference but a sustained difference. 2025 should be the proving ground of Jane’s efforts. It should unfold during this coming up year as to if what she’s done matters.

Its not just a matter of Citi growth, but growth in comparison to our peers. If Citi jumps up 30% and all of our peers do so as well or more, ok, so what. The whole market moved up you were just along for the ride. Its more about do we grow regardless.

Jane was a McKinsey consultant at one time.

McKinsey was accused of working with big Pharma on increasing the sales of opiods and here they are now, more than willing to pay out 650$ million to the feds over the matter.
If this is how McKinsey operates and Jane used to be a McKinsey consultant, there’s no wonder why we are constantly under governmental review.

Failed? Yeah, you could say that. Anytime you layoff, it should be considered a failure.
You hired too many or started up a division that’s not really needed or headed down a path that did not work out….this equals a poor management decision.

You’ve got no vision and\or can’t keep up with the competition, the stock does not move, you can’t increase the market share, you have to trim down to cut costs to keep the lights on…..this equals poor leadership, no vision, still management’s (Jane) fault.

As usual, here we all are paying the price.

I sure hope our Christmas wish of “Let’s go Jane” comes true soon :)

Christmas wish is that the board gets rid of Jane.

You are what you give your time to. So, choose your work carefully.
Has Citi taken care of their people or conducted themselves in a way that’d make you proud?
Ask yourself, is Citi the type of company you want to work for? For some, they can’t see themselves working anywhere else. For others, they can’t wait to leave.

What’s sad, is when this was said to a MD, the response was “Well, its been a tough year etc…” which tells you that they know the answer is not so sparkly shiney but rather bleak.

I just wish she’d leave.

Hopefully they replace her with Charlie Scharf. Lol.

From another post:

At Citi you are judged by the sacrifices you make. Hobbies, vacations and even family time are viewed as distractions and reasons to penalize. This is the house that Jane built
In healthy cultures people are judged by the commitments they keep. Interests outside of work are seen as passions to celebrate.

Its more like Jane never really cared is my take. She had a goal and reached it.

Goal 1: Be the first Citi female CEO yada…yada…
Goal 2: Drive DEI harder than any other CEO yada…yada…..

Its enough so that she can write her biography, and trust me, she’s got a biography coming highlighting these two things as “the trail blazer, boldly going where others fear to tread”. No other plan in the works when it comes to Citi, just focus on goal 1 and 2 and everything will just all work out.

So, here we are suffering with what we have now.

Christmas wish = Jane gone.

I’ve yet to be on a call to where someone expresses a wish for Jane to leave now.

I’m afraid that things may have to get much worse before the board wakes up. Another 6 months to a year of no profit will have to go by which with the way Jane is running things, will easily happen. Meanwhile the chaos will continue and the people will suffer. Its not like she cares anyway so that makes it all ok.

https://www.thelayoff.com/t/1w3VKjcx

I’m an employee and if I’m ranked as the lowest performer, I’m put on a PIP and let go if I don’t get better. Jane is an employee and she’s been given more than an ample enough opportunity to make things better and here we are. Does she get put on a PIP? Does she get let go and get replaced with someone who can lead us better?

So how did we get here?

The most obvious answer is no vision. Just a long line of see what the other banks do and play catch up. Oh sure there’s been lots of political posturing on the hottest topic of the day but beyond that….what? What has been done that’s been effective to gain market share? To gain ground against JPM? Wells Fargo?

Getting past that since the answer is “not much” and its obvious that Jane’s has failed, will the board now consider her replacement? I know its hard to admit a bad promotion decision but the results or lack thereof speak for themselves.

Completely failed some would say.

Post ID: @yef+1w3v0sGV It took the Board of Directors at least 10 years to "grow" a pair and finally Fire Former CEO Mike Corbat and some of his cronies including the now Executive VP/MD at State Street Bank, Brad Hu.
And this only happened because the Revlon US$900 Million Fvck Up was the last straw out of decades of Fvck Ups.
It took at least $3 billion for the Board to finally "grow" a pair.
The Board is NOT growing a pair (again) anytime soon.

Post ID: @peq+1w3v0sGV Probably NOT. The Board is as Dvmb, Clueless, Oblivious, Feckless, Incompetent and Dysfunctional as $hittybank itself.
You're assuming or expecting people with the intellect or abilites of a 5 Year Old to build or fix a car.
At best you're expecting the "adult" Board of Directors to build or fix a car with their Feet ! LOL!🦶

She’ll never voluntarily leave on her own. It’d take the board to remove her. I have no insight as to the state of the board’s mind but I assume once they get completely tired being behind our peer banks, they’ll do something about it. Surely they can see through the JF smoke show though, right?

The company needs help and guidance and she’s not it.

If that represents the “best” she could do, would hate to bear witness to her worst. She is Carly Fiorina Mk Ii

There’s too much ego and pride there for her to quit. The board will have to grow a pair, let them drop and replace her.

Amen