Curious is the ship still sinking or are investors pumping in money to keep it afloat? Thought the smarties said the firm was no longer profitable, yet it is.. so confused.
7 replies (most recent on top)
Thumb rule inside Citi, "Don't Focus on work. Just Focus on Politics, PPT and Power". Hardly very minimal managers and executives know internal Business flows completely. Either you rewrite same application in different technology or just maintain (Migration, Upgrade). One thing for sure. If you are long timer in Citi, you will find long time to find another Job outside.
Length of employment means zero but pure objective! I have worked in Citi for 25 years and IC and love U do and I m so good at it. No promotion due to no politics. I had experienced several short term down time due to bad boss. I eventually found the universal rule! Do best of my job! Do best what I can do! Ignore all BS, then you see blue sky is coming!!!!!
20+ years doesn't means they are not productive. Most of experienced guys don't want to do chores or small tiny works. They really prioritize on larger and important items. Its just like you don't want a 3 year experienced guy to write a simple "hello world" program. He is destined for much more.
Next thing is Idle. If new ideas and projects pop-up then you get more work. The problem with Citi is people don't want to take "Risk". Management revolves around same work. They don't want to fail. So experience of these guys are going to trash.
A lot more ....
At this point, automatically get rid of anyone over 20 years with the bank because 1. you know they could not land anything better given that citi culture is not the best, yet they stayed. 2. You know these people are playing survival games wheather by keeping a low profile, pretend-work, or politics.
If you compare Balance sheets of Banks, Citi spends a lot on Technology purchases compared to other Banks. Yet its not progressing. why ?
The Technologies are simply on Trash. Just for name sake and not used effectively. There is no one to turn the Technology into valuable product.
The "Real Value" is missing. Leadership is useless and most MD's and D's have to be fired.
So what ? Are they going to invest on employee or work env?..everything turned negative , left over incapable managers simply asks give xyz , no intention on enablement or making a factory work on value outcome, only postman role attend meeting with hierarchy and pass on. Remember credit swiss was making money before it shut off
Citi, ranks last in market capitalization (112, JPM-525) and net income(-27%). The bank plans to relocate its operations to India to maintain a low profile. Openings posted in career sites will be limited to eye-washing projects, with most aimed at reducing costs. Citi is also considering layoffs to increase numbers while managing severance costs. The bank's main goal is to reduce costs.
Apart from low revenue, Citi also faces internal Cultural issues. Citi is accumulated with Vendor politics and non-productive activities. Citi might track on delivery process more stringent and waiting for more actions on resources. The problem with most India teams is the quality they deliver is down to trash. Every resource is trying to boast their name thinking they might get recognition or promotion which is not the real case.
Overall, Citi is not a good place to work for next 2-3 years for sure. There won't be any growth but just micromanagement and constant push for deliverables and moving projects to India or off-shore. If you work, management will push you for more work. Its not the recognition. They want the work done from you so they can spend some time in beach.