I was laid off and It took me 5 months to find a new job at another bank. After starting my new job Im not kidding when I say I cannot believe how behind Citi is when it comes to tech. Citi is severely behind and I see it now that I have another large international bank to compare it with. Whats worse is that with this re-org, Citi did nothing to keep people who could innovate and create new impressive technology and products for Citi. Im sad to say but I think Citi is dying a slow death and it’s only a matter of time before its gobbled up by another financial institution. Im actually embarrassed to say I once worked for Citi.
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Post ID: @ebnj+1sTdoXbd With all due respect, based on what you described, you probably worked in Citi 30 to 40 years ago. You said you worked on the first wireless POS and a nascent ATM network amongst other things. Also, the pension type you're describing that Citi No longer offers is probably a 403(b) which is a H3LL of a lot better for employees than a 401(k). But of course, the burden and expense is higher for employers and so, most employers got rid of 403(b)'s decades ago. Any new hires after a certain year got the 401(k). It's inadvisable for employees to move their whole life, family, housing etc. to a town or area that's Not in or near a major city or hub. This is common sense and a No-brainer. (Example: O'Fallon, Missouri; Iowa, South Carolina, etc.) The job opportunities are scarce or non-existent. If you're dependent on one Employer and that Employer fires you or Lays you off, you may have a long commute to your next job or need to move again and uproot your whole life again !
hahah I worked for Citi during its hayday. after 5 years there, i wanted to leave as management was laughable. every 6 mo you were getting a new SVP. When then merchant business moved away from Long Island to Hagerstown, I chose NOT to go as I knew what they were going to do with ANYONE that decided to move there. HR was a joke, and had to threaten a lawsuit if I didn't get my severance. At that time its was 1mo for every year you worked there (13 years) I also get a pension now from Citi, which I hear is not given any longer.
As far as tech goes, I was very fortunate to work on the ATM network, I also Developed the worlds first wireless POS system (before the advent of the internet) I worked on MANY of the mainframes there as well. I had terrible managers and great ones. The trick was to hide from the bad ones, as they would be gone in 6mo.
I knew there was something slippery when they announced the move from Long Island. After 1 year later my boss (a great guy) got demoded to night production control clerk, with rotating shift hours! They did this to make life miserable on him , til he quit (and lose his severance) He finally left to go to Pepsicola in Baltimore. I heard lots of people left Citi and went there. Unfortunately he had purchase a beautiful home on 4 acres of property in Hagerstown, and the commute was well over 2 hours each way, se left Pepsi, sold his house and move to GA. I told him NOT to move to Hagerstown, as I knew what they were going to do to him!
I feel bad for ANYONE that decided to move there with a company that dont give a damn about its employees!
At best, lucky to not be extinct. A living fossil really.
In aml we had citismart for transactions abd some account/demographics. Is that still there??
Yes unfortunately at this point everyone but Citi employees know this by now.
Former CIO shut down in 2020 external cloud completely, fired great leaders and tech people and hire his friends. Now we have situation where almost every single bank is way more advanced than citi in IT infrastructure. Citi lost about 5 years of tech advancements and completely abandon tech people development . I’m glad that that particular CIO is out now.
Citi needs to focus more on woke-ism.
Give and take.
Was at citi now at usaa.
Some systems are better, but talent/employees are years behind citi.
Looking to go back to citi soon…
More excels and less talking OP!
Simple it's a clown show.
The organization is corrupt. And most of leadership are clowns.
1lws+1sTdoXbd, Citi is investing in people in Technology, who don’t have any idea what is technology. I know SVP he just schedule meetings and chase people and he don’t know any thing about tech, and he can implement it. Spending money is not important how and where is important. Some SVP and D corrupted and wasting most of the money on vendor consultants with no work.
Thank you for sharing the insight and congratulations on the new job. I often find it peculiar that Citi's tech spending is huge, even comparing to other investment banks, how can it still results such out of date systems? In addition, I often see the headlines on the internal site announcing systems using breakthrough technologies such as blockchain and genAI, the most recent one is quantum computing. There seems to be a contradictory between what we read and what we actually have. Can anyone explain how the vast disparity?
When you update and replace the infrastructure, hardware or software, because its end of life, that expenditure should be considered as BAU and “just keeping up” instead of “major technology advancement”. Such as I made a major performance boost improvement for my car. The tires were worn so I replaced them.
It’s a clown show
Execs at Citi boast the use of Excel, SAS, Access, to run the business. The only reason it’s being done away with, at a very slow pace, it’s because of the consent order. Citi is not a tech savvy company, they lag way behind all other financial institutions. It’s embarrassing to see Citi’s attempt to catch up to the competition. It’s also frustrating to have CitiBanamex resources leading Citi efforts when divestiture is eminent.
Citi is a bank with bad tech and sad people
Mike Corbat said something like Citi is a software company with a banking license lol that’a total BS.
Can you elaborate more on this? Not sure I understand it well
“Citi being a tech company with a banking problem?”
Didn’t a new exec say something about Citi being a tech company with a banking problem?