The truth of it all is this….
Other banks made the bold claim that by the EOY there will be tremendous cost savings. Citi, like so many times in the past, did not want to be left out, so they made the same boast. Needless to say, its not unfolded as they thought. There’s been no huge cost savings to the level they thought, so they are scrambling to recoup some bucks. Cutting to the bone to feed into the shell game to the shareholders and the board “see, we saved money like we said”.
Needless to say and\or its quite evident, this does NOT affect Jane Fraser’s recent massive boost in pay. For that, just chop more heads.
This is important, never forget that Jane’s increase in salary while they are chopping heads or needlessly placing people on PIPs, has been deemed acceptable. THIS is what they think of the value you bring to the table and how expendable you truly are.