So earlier this month, it was announced that Citi is giving BlackRock $80BN assets for them to manage, and in the process, will be taking some CIM portfolio managers with them as BlackRock employees. I guess Citi is ultimately trying to get rid of in-house management. However, nothing was said about the back office and support teams that support the CIM business. There has been ongoing angst in my team and other teams about potential layoffs. Anyone else work with CIM and have similar concerns? Or am I just overreacting and it will be "BAU" as senior management says....
7 replies (most recent on top)
Sh!tibank likes to believe that it's a peer or competitor of GS, JPMC, BofA, Morgan etc..
But in reality Sh!tibank's peers are HSBC, BNY Mellon and W!tch F@rtgo.
These 3 are a doppelganger shadow of their former selves and sold many or most of their businesses over the past 10 to 20 years.
They've also drastically reduced their salary expenses, health insurance benefits and retirement plans, so much that they're lucky if they can get Drvg Users and Drvg Dealers to work for them.
There are sooooo many former HSBC, BNY Mellon, Wells employees who jumped ship TO Sh!tibank. And they all think Sh!tibank is Nirvana Heaven after the H3LLH0LES they experienced. ROTFLMFAO!
So they jumped ship TO the CitiTitanic. LOL!
Sh!tibank is going on the same path as these 3 "Banks".....Selling business units AND reducing health insurance benefits, reducing salaries and reducing retirement plan benefits.
Rome was Not built in one day, and Rome was Not destroyed in one day. But it WAS Destroyed.
Not good. It's not organic growth. It'll cut costs and result in some steady income and possibly increase year over year over the next few years, but they will be losing market share. But probably what's best for a 3rd tier institution. Company can't build new things so it's probably best of their options.
This is good, no?
Wealth was supposed to be big focus area. But they can't compete with others like any other business. Slowly, Sh---y is selling all their businesses just to show short term profitability and cash. In this process, management can get big bonuses and leave company to die slowly.
It is matter of time when Sh---y won't have anything to sell and will have to be acquired by another solid company or wind down slowly. I hope, I am wrong, but You don't have to be genius to figure this out. All support staff is skeleton, and you don't get much support from HR. Ask people who have left involuntarily in last few months as to what support they get from HR and you will see how bad the situation is.
Correct. Or just white label. They have their brand and “bankers” who have relationships. Probably could all white label this to someone else if they think the name can eke out some profit. But all of the tech, financial advice, and investment advice can be outsourced much cheaper. Look at lack of investment in anything news. It’ll just be a big sales / relationship business. If you build new stuff for wealth or maintain systems, gtfo before the party is over.
This is the first step towards divestiture or acquisition. Either Citi will sell its Investment Management business or buy Blackrock.
Yes, BAU layoffs :D Are you pretending or you are really struggling to get it - outsourcing is always about cutting costs. Start looking for a new job.