Citi is advertising on changes . It brought employees from Microsoft, JP and other companies. The existing platform is not changed yet and new comers are treated badly due to office politics. The upcoming layoffs might target new comers than old employees.
Jane, where is the real change. You are back to square one with this layoff.
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What's the point in wasting more time criticizing Citi to my Manager and on the VOE??? Citi wants Employees to CHANGE FOR Citi, Not the other way around which is the VOE's purpose. Citi wants change, but the ONLY Change it wants is for Employees To CHANGE FOR Citi. This is just like any other relationship. When either side can Not find a balance or Change for the other side, One Side will eventually leave the relationship. Everyone including Employers know that the first Employees to Quit are the ones with Options because they have brains and in-demand skills and knowledge and can get job offers sooner rather than later. This further exacerbates Citi continuing to be a mediocre joke "bank" at best and the Laughing Stock of Wall Street because only the trash Employees will remain at Citi who constantly Fvck Up and for example, mistakenly wire out US$900 Million Free Money to Revlon's creditors. ROTFLMFAO!
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. All of this is in addition to the fact that Citi's benefits (medical, retirement plans, dental, etc.) SVCK compared to BofA, JPMC, etc.. So why stay??? There's NO future in Citi ! Citi is a Destitute, NOT Profitable, Dysfunctional SH!TH0LE !!! There is NO reason whatsoever to remain at Citi. And then you have Jane Fraser and her Sycophants promoting 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 of Insanity and Dysfunction!
Its not Jane’s fault. She’s old school with old school thinking. We need a new fresh young leader with innovative NEW ideas and not more of the same. Out with the old regime and in with the new. Its not like she’s broke and has no money. She’s got her millions already, she would not be hurting financially if she was replaced.
The problem with Citi is people sit too long with a role and they don't want to move. They simply create or play politics to stay stagnant.
Shuffle, Shuffle, Shuffle. SVP's and Directors need to be shuffled a lot. They shouldn't be with their old contractors or employees. If they can't perform in new role, then they leave by themselves. The "Insider hiring/movement" inside Citi has to be restricted. No person should be allowed to stay under a manager/director for more than 4-5 years.
Transition of work to INDIA and No proper control in USA:
Noticing recently that certain VP's in Pune, Bengaluru are promoted, take precedence compared to US counter part. This is part of work moving to offshore completely. The problem is work is not even stabilized in US, not sure how they can move it to India.
Citi you have to understand, the main reason you are standing in current situation is due to offshoring and giving everything to vendor without proper control.
Its a multifaceted problem.
First, Citi rules out of fear. Notice I did not say “leads” or “manages” but rather the word “rule”. Often touting “layoffs are coming work extra extra hard and just maybe you’ll be allowed to stay”. THIS is their formula for motiviation.
Second, there’s a lost touch of reality they have. They like to think and often foster the thought that they are the only company worth working for. They like to think that they are competitive on benefits which in fact they are not.
Third, they are heavily encumbered with processes both government imposed as well as self imposed. You come in from another company and reveal what the other company did that’s better than Citi and you’ll get a “wow, that seems valuable and we need to do all of that but we’ll need to change it to the Citi way”. When its all said and done any key parts to make things work are stripped away.
I am one of these new employees, coming from a better place. And my manager, my manager's manager and head of department asked me when I joined what did my previous company do right so that they were performing better than Citi. And after couple of months I knew the answer, but I could not share it - my previous place just had better people 😀. It is all about the quality of the employees. Not specific trade secrets. It is about who and how a task was executed, not whether they have some secret "we-pons" that Citi does not have access to.