Thread regarding Citigroup Inc. / Citibank / Citi layoffs

I agree with that. You need a product that people want. This is a reason why constantly preaching about ESG makes internal people nervous. It’s not that it isn’t’ a righteous cause but rather what else do you have in the works to bring in the money? Being the worldwide ESG champion won’t cut it. No one is going to say here’s my money, I’m just giving it to you because you are ESG. If all you have is a year of ESG and that’s it, you have nothing else in the works, no innovation or service offering, then Citi is in trouble.

The sc--w-ups you mention were under previous CEO's.
We do need better governance but we need products that people actually want even more.
Also a reason to buy the stock, which I have not so far.

Sad that foolish investors work at a financial institution. First rule, diversify your investments.

I hear that. Don’t have faith enough in the stock for growth to invest your money.

Remember Enron. You don’t put all your eggs in one basket. Your money needs to be diversified. If all you income is from Citi, you don’t want all your (or even a big chunk) of your investments in Citi. So no, I don’t have Citi stock except for what’s within index funds I own.

Gotcha. Work at the company but don’t have enough faith in the direction of the company to actually invest in the stock.

It's just prudent investing. Make the salary from the bank but dont buy the stock. This way when the worse happens like you say you just lose job and not savings. You can just go work down the street at another Bank and keep that stack o cash.

To the comment of “ most employees do not hold stock in the company”. I do, I own quite a bit in Citi in my 401K. All in hopes of over time the price will go up due to effective leadership and innovation. It shows you how much faith I had in the company but no more.

It’s odd when you hear a manager who says “never invest your 401K in the company stock”. I think to myself, so this is a person of management position making this statement…do they know something I don’t? Is their true viewpoint is that the stock or management thereof useless?”

I agree on the main point in this post and another point in a different post.
First, yes, I truly believe there are times where management doesn’t know what to do so they layoff employees to demonstrate that they are taking matters seriously. At the end of it, they are still left with the same problem, all the layoff has done is buy some time in hopes to “figure out solutions” for the main problem at hand.
OR
Second, I also believe that its intentional to make the work environment undesirable in order to drive people off so as to not have to pay severance. When it comes down to it, it can be said “I’m taking things seriously. We are undergoing a reduction in force.”

Both tactics for the same reason. There’s a problem, not sure how to fix it, here..look at this, see, we’ve assessed things and decided to have a reduction (layoff) of employees, that should do it…..right? All the while thinking to themselves “I think they bought it, good it buys me time.”.

Layoffs won't happen in this environment. They can't get rid of the CEO because of her gender. The "wins" are coming from getting people back in the office, ESG and saying they are fixing their regulatory issues. My guess is that the fines will persist through the next few years, but will be kept as quiet as possible. Employees will continue to jump from a sinking ship. This will all lead to the eventual downfall of the current CEO and it will be years before we see Citi rebound. Keep an eye on the stock and buy when it gets down in the $20-$25 range.

Even though most employees do not hold stock in the company, the shareholders are the ones who run the business. Every decision has them in mind.

Soooo True!!!!

example of Citi wealth management and they end up losing 1.3 billion….laughable to say the least.

Don’t forget the other tool that Citi has. You know, giving 900 million away to the wrong company and paying 400 million fines because of it. We seem to be pretty good at doing that.