Thread regarding Citigroup Inc. / Citibank / Citi layoffs

4 Years without any progress on Consent Orders

Citi worked on the consent order for 4 years and made 0 progress. I guess stealing credit and politics don’t really matter or create any value.

Wasting money on a-s kissing executives doesn’t seem to work either since that’s always been the game plan and it hasn’t worked so far.

See below:

“They started working on the consent orders in 2020.

No tangible progress was made for almost 4 years. (Meaning they wasted money for 4 years. They were failing at step 1 of solving the problem. Leadership has no real critical thinking skills so they can't figure out when they're being misled by technology BTW)

In "resolving" the consent orders, they're just recreating the redundancy and duplication of before. They can't figure out essential steps to solving the problem, so they chase their tails and have multiple teams doing the same thing hoping that one of them figure out the answer. (Or maybe they have multiple teams doing the same thing because they don't realize the work can be done once.)

So, the head, (management, the executives and the "leaders") are hoping the tail (the factory workers as called by Jane), figure out to solution to the problem.

I don't want to give details to the specific technical problems they had or have because then I'm identifiable.

Just note publicly how they say that they are making progress? Well for years they made not one iota of meaningful progress.

I think they are finally on step 2 of the solving the problem now, but they're probably short on the intellectual resources that can help them solve the whole thing.

Like Gates said, you have to win the intelligence war. And Citi is too cheap/ too corrupt to do that.”

by Anonymous
| 1483 views | | 23 replies (last July 28, 2024) | Reply
Post ID: @OP+1tCEGh4j
Comment! It's anonymous!

23 replies (most recent on top)

I guess the money they were going to spend on fixing things, went to Jane’s raise+bonus instead.

by Anonymous
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Post ID: @7eip+1tCEGh4j

Citi has intractable problems with Data. Businesses running their processes on XLS do not know how (and many are unwilling) to replace it. Technology is not engaged to understand Business needs so cannot propose workable options using technology. Architecture only gates things to meet compliance. Rather than recommending good solutions, Architecture simply buttonhole all solutions to what’s been done before to make sure compliance is met. It’s a trifecta producing the perfect storm.

by Anonymous
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Post ID: @7dhb+1tCEGh4j

I thought it WAS outsourced which is a major part of the problem. When I worked there, almost every day someone new would come by to ask me something. No introductions, just another bungee contractor.

by Anonymous
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Post ID: @4xjf+1tCEGh4j

Too many Indians all being ruthless and unaccountable yet anchieving nothing. Teamwork deadlock caused by politics. All posturing and no action. Heads need to roll. Fire all the compliance staff and outsource their roles.

by Anonymous
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Post ID: @3xnd+1tCEGh4j

Have others started calling them the “(NO) IDEAS” team too? If not, feel free to start now.

by Anonymous
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Post ID: @2esp+1tCEGh4j

Promotions in July?

by Anonymous
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Post ID: @1wwb+1tCEGh4j

Post ID: @1gwn+1tCEGh4j Oh, you mean the CitiTrainWreck ! LOL!

by Anonymous
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Post ID: @1bxu+1tCEGh4j

Which consent order? There were a couple. Got out of working on those, TG.

by Anonymous
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Post ID: @1tnc+1tCEGh4j

Jane should have told them if they don’t like it, then they can get off of the train.

by Anonymous
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Post ID: @1gwn+1tCEGh4j

OP's source = trust me bro

by Anonymous
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Post ID: @1ofw+1tCEGh4j

@1tpf+1tCEGh4j Thanks for the context. Makes sense.

by Anonymous
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Post ID: @1ckr+1tCEGh4j

Whats the source of the article that the OP quoted?

by Anonymous
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Post ID: @1mtp+1tCEGh4j

The lawsuit does not make the claim they made no technological progress.

I am explaining that they made no technological progress.

If you were making a bowl of cereal, step one would be to grab the bowl right?

Well technology wise, they did not even grab the bowl for 4 years and worse, it was because they did not know how.

I doubt the lawsuit is explaining these technical details.

So again, I am clarifying that no technological progress was made in regards to solving the actual problem. Work was being done yes, but the solution was not making any progress.

And that is not public, because the suit doesn’t go into technical details.

by Anonymous
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Post ID: @1tpf+1tCEGh4j

The CEO is basking in the “first woman Citi CEO” who thought that in combination with the DEI focus is supposed to overshadow any short coming. “Where’s my multi million $ raise again?”

Now accountability is at hand and as a company we’ve fallen short. Citi has ran off all the talent who could have fixed it, now there’s a scramble to find someone to fix it. So, to draw in talent, they will pay even more $ than the talent they ran off.
But there’s no faith in direction which is obvious as every week you have MD leaving, so drawing in the talent is hard so boost the offering salary up even more, 3x more than the talent they ran off.

by Anonymous
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Post ID: @1pki+1tCEGh4j

The lying about data progress was mentioned in a lawsuit filled months ago. That is public record. NY Southern District.

by Anonymous
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Post ID: @1oln+1tCEGh4j

The lying about the data progress is not public record.

Look into the timing of the OCC fines and the changes to the internal organization.

Also, I can assure you that Citi won't be making meaningful progress on the consent orders anymore.

by Anonymous
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Post ID: @dxc+1tCEGh4j

No secrets we're spilled:

Citi lied for 4 years about consent order progress when there was none being made. The tiny bit of progress they did make, has reached a deadlock.

So Citi is back to being unable to make progress on the consent order. Citi has very deep issues with it's data management. Issues beyond education or experience.

by Anonymous
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Post ID: @yab+1tCEGh4j

@yrk+1tCEGh4j you do know that the new Article added to CO is a public record, right? You can see it yourself on OCC website.

Sigh. No secrets are being spilled.

by Anonymous
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Post ID: @ked+1tCEGh4j

“underperforming” is not the same as “not doing anything about it at all”

by Anonymous
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Post ID: @ndi+1tCEGh4j

The FED & OCC told Citi this month that Citi is underperforming in terms of the Consent Order & Jane Fraser admitted it. That’s how the commentator rightly knows…

And Fed & OCC are right btw…

by Anonymous
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Post ID: @agt+1tCEGh4j

I believe the effort was to “goal your lower people” on fixing and see what they come up with because its cheaper than paying for the software\hardware\coding talent from the outside. The money they DON’T spend it, they get to either keep and\or get to claim it as a cost savings on their review.

It’ll be interesting to see what they come up with now.

by Anonymous
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Post ID: @zbd+1tCEGh4j

Post ID: @yrk+1tCEGh4j The "leaders" do NOT do any of the work. The "leaders" delegate and give the work to the factory workers because the former are grotesquely overpaid Incompetent, entitled, imperious, arrogant, BroomStick-Up-Their-A$S-wearing, Bird-brains Dodo Birds who do NOT know their A$SES from their Elbows. Dodo Birds are extinct just like Citi will be in 2 years ! ROTFLMFAO!

by Anonymous
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Post ID: @xqu+1tCEGh4j

I wonder how the commenter knows that Citi was failing on solving the steps of the problem?

Seems like they had the steps to solving the problem figured out.

I wonder if the commenter got sc--wed over by corrupt Citi management and decided to do the bare minimum?

Smart in that case! Factory workers shouldn’t be doing the work of the leaders.

by Anonymous
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Post ID: @yrk+1tCEGh4j

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