Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Post ID: @1Bkbs+1puLN7Ot Yes this is true. Thank you for this analysis.

As many Posters have already detailed, Citi is an old dog that can NOT and will Not learn new tricks. Svckers that are hired from JPMC, Goldman, Morgan Stanley etc. and brought into Citi to infuse innovative and new solutions to and for Citi's problems will only find themselves disappointed, forced out, Laidoff or disillusioned about salary, bonus, politics, operations, technology, people, processes, etc.. The Svckers are in for a shock and rude awakening because Citi is unable to and refuses to change, as in the Old Dog metaphor. Part of the reason is because there are MDs, Ds and other long-time Employees with the same old tired dysfunctional ideas and "solutions" that keep Citi Fvcked Up who crazy glued their A$$ES to their seats just like Chairman Mao Zedong who ruled for 47 Years ! They will never leave Citi unless a Bigger Fish or Dog forces them out. Power corrupts and absolute Power corrupts absolutely.

Post ID: @1Absp+1puLN7Ot Typo: I meant to write negligible. Not negligent.

I've worked on Wall Street long enough to know and have seen a pattern. For example, the employers who hire based on nepotism, cronyism, or relatives/children of wealthy clients or potential clients who have little, negligent or No relevant or valuable job experience and in some cases No relevant University Degree, are the employers who are mediocre at best or are in the low tier. This happened at defunct Bear Stearns, Merrill Ly--h, Gruntal, etc.. These actions happen in every company, but it's more pervasive and BAU in the low tier or defunct companies.

Citi definitely is a nepotistic crony-ist organization. It's its own fault in many ways. Corruption turns companies into zombies.

Post ID: @1nhek+1puLN7Ot COBOL punch cards ! That's hilarious! That's like saying his only knowledge of technology was when he last used a typewriter. LOL! That's Citi for You ! Just like the HR website. LOL!

DEI is partially to blame for Citi's dysfunction and problems. One reason companies do DEI is to counterbalance the prevalence of an all or mostly white male population. But doing DEI often results in hiring less qualified employees just for the sake of checking off DEI and politically correct boxes. The DEI proponents will say that DEI is no different than Nepotism, Legacy hires or hiring the relatives/children of wealthy clients or potential clients, just like in academia (remember Operation Varsity Blues ?) when Highly Ranked selective Universities admit less qualified students in the name of Legacy, Wealth, or Nepotism. If Risk Management does this surely other Citi departments do the same thing. Last year, Risk Management hired an intern who eventually was hired full-time after college who got their Bachelors Degree in Marketing. Risk Management does Not sell any products or services. The new hire is an offspring of a C16. Another situation: a BrainDead Incompetent C16 whose only knowledge of technology is when he used COBOL punch cards (ROTFLMFAO ! Yes, 1970s / 1980s ancient !) and "manages" a Team of "tech" people and rose up the ranks in Citi for 15-20 years is the son of a wealthy and politically connected family in China who have businesses in the USA and worldwide. And then Citi wonders why Citi is dysfunctional in every way, technologically, processes, operations, people, non-profitability, destitution, etc.. ROTFLMFAO!

History is repeating itself. We’ve seen this all before.

This thread and the other posts, comments have come to fruition . Citi fired 300 MDs only to promote 304 MDs. LOL ! And the Citi Vicious Dysfunctional Cycle Continues......the 304 new MDs is only the beginning. LOL !

Read the thread about doing the bare minimum work and do exactly that. Don't go the extra mile, Don't rush and Don't multitask.

and thus the cycle starts all over again. Our talent will now go to elsewehere and it’ll be a big mystery as to why things aren’t getting done as fast or accurate or as safely as before. Management will give off a collective shoulder shrug of confusion as no one can seem to figure it out.

According to the 4Q Earnings Call, most of the Posters on this Site were correct. Assuming Citi started with 250,000 employees in Jan 2023 and most of the A$$ FIRINGS have occurred and will occur until March 31, 2024, this means another 20,000 employees will get the Axe in 2024, with most of them in 1Q2024. As the earnings call and news reports stated, there will be trickles of Layoffs, Hint: Non-WARN Notice Layoffs until 2026 so that Citi arrives at the 180,000 employees it wants to "keep" by 2026. Also, as other Posters here have stated, there are limits to what AI/ML can do and what it's capable of. Citi jumped on the bandwagon of something and technology Citi does Not and did Not fully understand hoping that it's the panacea and Messiah Savior for all of Citi's problems. JPMorgan Chase and Goldman have a better grip on and understanding of AI/ML. They're Not fully relying on AI/ML to fix their own problems. But then that's typical Citi. It's beyond help and hope and is simply FUBAR !

The week of January 15, or more specifically Jan 16 since Jan 15 is MLK Day and a bank Holiday, there will be Layoffs and employees will be moved around/transferred to other groups/teams. Of course, Citi will Fvck Over people the day after they return from a Holiday! Watch or listen for clues as early as Friday Jan 12. Also, the earnings announcement will happen on Jan12.

The layoffs artificially increase the stock price. If Citi isn’t producing revenue with actual sales, profitable products or innovation then they will have to continue to cut staff to keep the stock price up. At this point they will need to fire everyone to keep Citi afloat. Layoffs are not the solution to a struggling Company that provides no valuable products.
8 reactions (+8/-0) Post ID: @1slo+1qhAxlVu

Y’all keep moving the goalpost. Now it’s 25-50k laid off??? Just making stuff up now

Citi is unable to fix itself to even be on par with its competitors. Citi's only solution is to Layoff and make Excuses to nickel and dime Employees by Not giving out Salary increases, meaningful Bonuses and Promotions, the latter of which is tied to Money and Compensation. Citi is drowning like the Titanic and will cut whatever and whomever to try to save itself. If Citi Lays off 20,000 to 50,000 Employees, this is cutting bone Not fat. This is like the Liberty Insurance commercial. You can Not drive 3/4 of a car. So unlike other insurance companies Liberty will replace your whole car, Not part of it.

Citi can't break it's vicious cycles of Dysfunction, Incompetence and Non-Profitability. Citi wants the World to change FOR Citi, not the other way around which is the VOE's purpose. Behaviour, beliefs and tenets become the norms and are difficult to change. It could take years, decades or never. Chase Bank was Not always the Chase Bank we know of today. But then Citi did Not and does Not have the same caliber CEO at the helm as Chase Bank. And Citi does Not have the same caliber and quality of Employees as Chase Bank. Jamie Dimon has been with JPMC for over 20 years.

The OP and other posters on this thread should have just summarized their posts with the following: Because Citi is Destitute, Not Profitable and Dysfunctional, Citi has resorted to 1) Mass Layoffs 2) No or insultingly low Salary increases 3) No or insultingly low Bonuses 4) Very few if any Promotions 5) Downgrading Star 1-Rating or 2-Rating Employees TO 3-Valued Contributor. All of these points and levers are being used by Citi because they're tied to Salary and/or Bonus increases, which goes back to and is due to the vicious cycle of Citi Not being Profitable compared to JPMC, Goldman, BofA, etc.. and Citi being Destitute and Dysfunctional. And then you have Jane Fraser and her Sycophants elevating 304 Managing Directors AFTER Citi FIRED 300 the prior week! GENIUS MOVE!!! How exactly does this save money and cut down on expenses???!!! The Citi GENIUSES strike again!!! Lather, Rinse, Repeat the Vicious Cycle.

There IS Life after and outside of Citi and it's 100% better. I know several top notch employees in their fields who left Citi within the past 6 years and yes some just before Covid hit, and guess where they're working??? Goldman Sachs and JPMorganChase. The employees with brains, in-demand skills and knowledge are leaving the Unprofitable, Dysfunctional and Destitute Citi Sh!tH0le for Citi's idols and G0ds, Goldman, JPMC, BofA etc.. LOL! And No. They were Not Laidoff as part of Goldman's and JPMC's recent layoff announcements. They're still gainfully employed at Goldman and JPMC. Actually, JPMC is Not laying off at least not on the mass level. JPMC added 20,000 jobs in 2023.

Post ID: @wgc+1q95m5hh So true. But as a publicly traded company, Citi is required by law to report and announce major layoffs. This is material information that could and should affect investors' decisions in whether to invest in Citi or not. All companies do small or slow trickle silent layoffs like a handful, 1 to 10, 20, 30 etc. in a group or department almost every year. Citi is NOT profitable compared to its competitors JPMC, Morgan, BofA, Goldman, etc.. And so Citi needs to find EXCUSES to cut and reduce Bonuses, Salary increases, Promotions (because Promotions are tied to Salary increases). The EXCUSES include but are NOT limited to Downgrading Employees' Ratings who actually deserve 1 and 2 Ratings TO 3-Valued Contributor. Because Citi is NOT Profitable, Citi needs to nickel and dime its Employees including doing mass Layoffs. There is NO future in Citi. It's a Zombie "bank" D3ad Man Walking.

FYI. There's a new mandate for Managers of People to be extra vigilant and be on the lookout for mutiny and planned defections. In other words, have a heightened sense of which Employees are planning on voluntarily quitting. This is like the movie, Invasion of the Body Snatchers. All Employees, regardless of whether they're People Managers or not, need to pretend to be drinking the Citi Koolaid, liking it and being addicted to it.

So true and accurate. And the Employees who can fix, save and help Citi are ones who will be the first ones to Quit.

I predict that due to the Forced Ratings Curve (about 65% of all Employees) to Downgrade exemplary and hard-working 1 and 2 Employees TO 3-Valued Contributor, there will be a Mass Exodus voluntary Quitting of Employees starting February 2024 and throughout 2024. Of course, the Employees who will be the first to voluntarily Quit Citi are the ones with brains, and in-demand skills and knowledge. It's Citi's loss and continued Brain Drain since Fall2022 further exacerbating Citi's D3ath Spiral into bankruptcy or at least as a shadow doppelganger "bank" of what it once was just like Wells Fargo and HSBC. I will be in that Group in the Mass Exodus. There's NO future in Citi. It's on its way to bankruptcy or getting merged into JPMC, Wells, BofA or Goldman possibly by the end of 2024 if not within 3 to 5 years. Citi does NOT offer or have meaningful Salary increases or Bonuses, There are NO Promotions and more than 65% of Employees who actually deserve 1 and 2 Ratings which is equal to Higher Bonuses, Salaries and Promotions are getting Downgraded TO 3-Valued Contributor. As other posters have explained, Citi's benefits (medical, retirement plans, dental, etc.) SVCK compared to BofA, JPMC, etc.. So Why Stay???!!! Citi is a Destitute, NOT Profitable, Dysfunctional SH!TH0LE !!! There is NO reason whatsoever to remain at Citi.

It's long past time to buy the BullSHi+ Red Button from Amazon. Everytime I hear Citi BvllSH!T which is everyday, I'll press the button. The MDs and Ds have been giving their directs pep talks about how getting 3-Ratings Meets Expectations/Valued Contributor is actually a good thing because we're "valued contributors". Yeah right. NO One is buying the BullSHi+. That BullSh!t is so Hot and piled so High, it's taller than Mount Mauna Kea in Hawaii (world's highest mountain) and spews More BullSH!t than the world's worst volcano, Mount Tambora in Indonesia (caused 92,000 De@ths)! It's a laughable tragicomedy black comedy that MDs and Ds are actually spewing this Sh!t ! Employees know that 1 and 2 Ratings get better bonuses, salary increases and promotion prospects. So their song and dance about how getting 3-Ratings are excellent and wonderful is as truthful and real as Pyrite being real Gold! Employees will actually say, yeah it's ok that my Rating is downgraded to 3-Valued Contributor from 2's or 1's because Citi is Not profitable and can Not afford to dole out better bonuses, salary increases and promotions to more people. Said NO One EVER!!! We'll also say, it's ok that the 2 and 1 Employees can buy and afford better houses, cars, retirements plans, vacations, etc. Said NO One EVER !!! Citi is hoping Employees will smoke their Citi Cr@ck and believe their BullSH!T LIES ! NOT !!!

Thank you Post ID: @2gib+1q2q9y4M . What you said was exactly what I was thinking about Post ID: @2oyd+1q2q9y4M : Regarding researching the titles ! Job applicants DO read the job descriptions and the titles. Citi HR embellishes the job descriptions to make it seem like the job is more than it is or is at the same level as in Real, Profitable Companies like JPMorgan Chase, BofA, Goldman, etc.. As others have posted, they too noticed that a Citi VP is a half-witted bozo who needs hand-holding like an intern and more like an AVP or worse yet an Analyst in JPMC, Goldman, BofA etc.. Same with Citi SVP is a VP at Citi's Profitable Competitors. Citi is so sad, pitiful and pathetic. With reference to Post ID: @2oyd+1q2q9y4M 's comments about promotions due to tenure or in-seat promotions, JPMC, Goldman, BofA, Morgan Stanley etc. Promote In-Seat Unlike Citi. Unlike Citi, they're Profitable and Successful and so, they must be doing something Right or several things Right. Since Citi idolizes and worships its G0ds JPMorgan Chase, BofA, Goldman etc.. promoting In-Seat or due to tenure may be one of the infinite attributes of its Successful Competitors that Citi should emulate! AND FYI, the VOE that Citi spends Shareholders' Money on every year is meant as a roadmap to tell Citi what, how and where to CHANGE for the World, its Clients, Current Employees-Svckers, and Prospective Employees, NOT the other way around! Citi wants its Employees to change for Citi, when the OPPOSITE should and must happen. Citi is using or believes the VOE is a tool to get its Employees and Clients to Change for and Bend to the Will of Citi. NOT !!! Wrong Premise from the Non-Sequitur Joke "bank" that has Citi Genius Employees (the half-witted B0zos other posters referred to) who mistakenly wired out US$900 Million Free Money to Revlon's creditors!

Post ID: @1cla+1q2q9y4M and Post ID: @uwh+1q2q9y4M . The same here. As you posted, I'm Not the only FTE who's been F-cked Over in Risk "Management". If I survive the Layoffs after 1Q2024 which is when Citi is supposedly going to be done with Layoffs, on April 1, 2024 April Fool's Day which is fitting for the Laughing Stock of Wall Street Joke "bank" Citi, I'm waving "So Long Svckers" to the Citi Titanic as many here have already posted. I'm Not quitting voluntarily. I want Citi to pay me WARN money so that it hits Citi's Stock Price and further beat it down. De@th By a Thousand Cuts. Rome was Not built in one day, and Rome was Not destroyed in one day. Just like other employees, I'm doing Quite Quitting, doing as little work as possible until April 1, 2024, keeping my ideas, solutions and industry knowledge to myself. When employees do this, it further exacerbates Citi's mediocre and below average performance compared to Citi's G0d's that Citi worships and admires, JPMorgan Chase, BofA, Morgan and Goldman. Shareholders and Employees are tired and already gave up on Citi. Citi should just wave the White Flag, surrender and give up! It's the next Silicon Valley Bank, HSBC, Signature Bank and First Republic Bank anyway.

The OP is so on point and incisive.

Who in their right mind will attend Citi's Holiday "Parties"?? To Poster @9mar+1pPk5kwc. That's the point of Not clicking "No" or "Yes" on the party invite. Let them keep guessing as to why certain people are Not replying at all. I hope NO one shows up to their BullSHi+ Holiday Parties. This will send a loud message. I absolutely refuse and will NOT participate in any Holiday Parties, "team" events/outings even at sports venues, lunches, dinners, pot lucks, other BullSh!t. I do Not care if the event includes meeting G0d himself. Citi thinks it's doing employees a Big Fvcken Favor by having these events when Citi is Laying off at least 15% of its employees, NOT promoting employees or promoting fewer employees compared to last year and previous years, downgrading employee Ratings from 1's and 2's TO 3-Valued Contributor or worse, 4-Does Not Meet Expectations, etc. ALL Because the Root Cause is Citi is NOT profitable and Can NOT afford to pay employees Real Salaries, Bonuses and Promotions compared to competitors JPMC, Goldman, BofA and Morgan Stanley!!! In 3 to 5 years Citi will be merged into JPMC or Wells. Citi is both Schlimiel and Schlimazel the Joke "bank" that mistakenly wire transferred US$900 Million Free Money to Revlon's creditors. LOL! The Judge in the case approved Only half of that be returned to Citi. So Revlon's creditors got $450 Million Free Money. And then Citi Still thinks it does Not have mediocre or below average employees including HR when TEN Citi Geniuses looked at the Wire Transfer FORM BEFORE the Free Money was wired out??!! That's because anyone with brains, skills and knowledge quit the CitiSh!t H0le for for greener pastures! LOL! The employees who can Fix and Save Citi are the ones who are quitting. They quit the Citi Titanic and waved "So Long Svckers" to Citi and its pending bankruptcy. LOL !

And so the root cause is Citi Not selling its products and services as well as JPmorganChase and Goldman, and not even as well as Bank of America. Citi is not bringing in revenue and not profitable compared to the above.

@1ltc+1puLN7Ot so true and so so sad.

One reason why Citi is cheap with salaries, bonuses and promotions is because Citi is Not profitable unlike Jpmorgan Chase and Goldman. A root cause to all or most of Citi's problems is low revenue or low profitability. These are only some of the metrics of which Citi is behind the competition.

@1kag+1puLN7Ot You are supposed to be in ‘awe’ at the ESG parade of emails and not notice all that negative stuff. Shame on you.

Total failure of leadership at Citi! It's time they get held accountable!

The fault also does Not lie with the competition or the other Chess players. Exactly. Citi hires and attracts at best mediocre job applicants and employees because Citi is cheap with salaries, bonuses and promotions. And then Citi wonders why it's behind its peers in every metric. Just read the news reports. Citi is behind its competition in every metric. It's the Joker's "bank" like Wells Fargo ridiculed and laughed at by its competition, clients and potential clients. The only thing Citi can boast about is that it didnot find itself in the fake accounts scandals like Wells Fargo. At least not yet. This is a very low bar and pathetic to achieve, It's a vicious cycle. And then IF Citi does hire at real salaries, a few years later those with the above range salaries will get "Laid-off". Lather rinse repeat.