Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Post ID: @2gvx+1rXST0DJ Just like Bear Stearns, Citi is matrixed and multi-layered. We all know how that worked out for Bear Stearns. LOL! Just like Bear, Citi believes in having multi-layer titles like KING KING or Senior MD. SVP is Super VP, same as VP just Super-duper. Pathetically Dvmb, Dense and Braindead Citi.

As a long-tenured SVP, it is my right to be a manager albeit having less than six direct reports. It should not be difficult for the bank to make things work for me

Been at Citi as C13 for 26 years. Have seen many departments and good people let go during all the years. . . It’s the Citi way. Now, I am an IC and my new boss has no knowledge of my job or what I do. I feel it’s just a matter of time before my position is eliminated.

Post ID: @dkm+1rXST0DJ Correction on this post: Real banks and Real Companies either have Director title or Executive Director, Not both. In JPM Chase, Morgan, GS the levels/titles are: Analyst, Associate, VP, Executive Director, MD. In UBS: Analyst, Associate, VP, Associate Director, Director, MD. Companies that are multi-layered or matrixed tend to go bankrupt or bust. Bear Stearns was eaten, acquired by JPMChase. Bear Stearns had: Analyst, Associate, Second Vice President, First VP, Director, Executive Director, MD, Senior Managing Director. For those of you who were already working in the corporate world when Bear Stearns was still alive, I was surprised that Bear Stearns had a Senior Managing Director role/title. WTF is a Senior MD ??? I once interviewed there and was asked who my direct manager was and their title. I told them the name and he's an MD. It was a group/team interviewing me and they sat there like deer staring at headlights. I realized immediately why because the Group Head was a Senior MD. I then told them that the highest level at my current employer is Managing Director and there's no Senior MD title. The deer then snapped out of it as if they were living in the Bear Stearns Bubble and did Not know that the Real world (other companies/competitors) do Not have Senior MDs. It was a bizarre experience. LOL !

@zym+1rXST0DJ

LOL

Well said.

The problem is the payscale. Citi is fixated on you have to have a a title of “x” in order to all in between the pay range of $90K to 150K, or whatever the he-l it is.

Get away from “you have to have a title in order to make ‘x’ “. I could careless what my title is so long as my pay remains the same. Get rid of the titles, just wipe them away.
You can give me the label of engineer and keep my pay the same and I’m good.

It’ll never happen though because Citi is stupid and they think stupid. Has anyone ever known Citi to do what makes sense? or simplify things? of course not.

“Well Citi is simplifying things right now”, are they? Are they really? How’s that working out for you? Citi is so stupid that they’ve over complicated making things simple, therefore it doesn’t happen. For God’s sake, they can’t even communicate what they are trying to do much less how to get there and what the measurable success is.

Measurable success by the way according to Citi is whatever they can sell the populous as ‘the fix’, whether it truly is or not. There’s your forward thinking for you. Out of the box leadership, there it is right there spearheaded by Jane herself.

@dkm+1rXST0DJ no normal bank has a title between VP and ED. Only Citi's middle and back office to keep low-paid employees happy. Check Citi's front office - no SVP in sight. Total bullsh-t.

The reorg has taken 6 months and nothing has improved. There is no transparency. Nobody knows who is gone because org charts are kept secret. Some managers are clueless because they think that complex work can be easily done by anyone. Like asking 9 women to have a baby in one month. Rampant ignorance.

Post ID: @wqw+1rXST0DJ I Never understood Citi's need for additional titles, layers and a matrix environment. If Citi were to look at best practices of the Competitors it envies years if not decades ago ( Citi does Not look at best practices to learn from its envied Competitors ! ), Citi would have seen that JPM Chase, GS, Morgan etc. do Not have the SVP and AVP levels: Analyst, Associate, VP, Director, Executive Director, MD. Employees can sit be VP, D or ED for several years before reaching MD if they even get to MD at all, because of the flatter structure. In Seat promotions are also possible and easier compared to Citi. But as others have already pointed out, Citi wants to make its life more complicated than it needs to be and does Not want to be saved. Citi wants to sink faster than the Titanic.

It seems a positive change in CITi’s culture. All those middle managers manage 2 to 3 people and did not want to hand on had big ego and thought they were so distinguished from workers. Micro manage the two three people day to day and believed they were useful other than harassing hard working workers.

Yes on titles.

Citi is the most title-obsessed company I have ever seen. Everybody knows D in a bank means nothing, sometimes even MD can be IC. Get a grip with your manager's expectations and be grateful you still have a high-paying job, which you probably do not deserve anyway.

Some of the 5000 people who were let go were indeed very good.
Citi will be missing those talents.

I am a D and asked to work in par with VP who reported to SVP under me. Its so pathetic and makes handling of project much difficult.

Post ID: @ozs+1rXST0DJ This is one way companies can force or encourage voluntary quitting so that they do Not need to pay severance. The problem with this strategy is that the best employees who can snag job offers faster than usual will be the first ones to quit. These are the employees who can actually help Citi, but then Citi does Not want to saved. Citi wants to sink faster than the Titanic. LOL !

Next you will be doing more with less which equals the very thing you just stated but soon there will be an addition of reduction in pay.

The manager will have the same role, function and reports but with a title change and less pay. Its coming, you’ll see.