Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Remember when Jane suggested we leverage the McKinsey group to push us to go toward the lean model. I guess that since she’s an alumni with them, it’d be a win win all the way around. What a mess that was. This McKinsey video with her picture on the wall made me laugh.

https://m.youtube.com/watch?v=K7ISnXf6Geo

Citi talks a really good game but they are by far the cheapest on hiring talent. Sure they counter that with bragging rights about paying millions for “x” new MD hiring from another company. I’m not talking about that, I’m talking about boots on the ground, the actual guys doing the actual work. They are hoping that “other people” will figure it out because they are too cheap to pay top dollar for someone with the know how to actually address the problem. If by the slightest chance they did, it’d be under the condition of “fix it but don’t spend any money. So the person they hired shows them what it looks like to wave “bye bye” as they leave to go somewhere else.

If what I wrote is not true, then why isn’t the problem fixed by now? Some will say that Jane inherited all this. Not so much. She’s been a long time upper echelon shot caller, decision maker long before she became CEO. She either knew of the problems, contributed to the problems, and\or did nothing to address the problems.
Lets say that she knew nothing of the problem at all. If so then why not? She’s been the upper echelon, what’s she been doing other than vying for an increase in salary.

They started working on the consent orders in 2020.

No tangible progress was made for almost 4 years. (Meaning they wasted money for 4 years. They were failing at step 1 of solving the problem. Leadership has no real critical thinking skills so they can't figure out when they're being misled by technology BTW)

In "resolving" the consent orders, they're just recreating the redundancy and duplication of before. They can't figure out essential steps to solving the problem, so they chase their tails and have multiple teams doing the same thing hoping that one of them figure out the answer. (Or maybe they have multiple teams doing the same thing because they don't realize the work can be done once.)

So, the head, (management, the executives and the "leaders") are hoping the tail (the factory workers as called by Jane), figure out to solution to the problem.

I don't want to give details to the specific technical problems they had or have because then I'm identifiable.

Just note publicly how they say that they are making progress? Well for years they made not one iota of meaningful progress.

I think they are finally on step 2 of the solving the problem now, but they're probably short on the intellectual resources that can help them solve the whole thing.

Like Gates said, you have to win the intelligence war. And Citi is too cheap/ too corrupt to do that.

A poster indicated that folks are taking demotions just to move to another company. That's hard to believe. and only results in career stagnation. Shooting yourself in the foot.

@aei+1ttxldhf Do tell. Perhaps people will get a better understanding of the incompetence of management and why things are failing. Doing things multiple times using failed processes is a waste of time. Management wants to see better results: ‘oh now, let’s take samples through 1989 and see what the numbers show’ or ‘let’s review again but add this new data point to show compliance’. SMH at their failed attempts time after time.

the consent order failed because the business is corrupt.

they have no clue what they’re doing.

i could tell stories that would make you laugh at the incompetency of the workers around the consent order both internal and external

really? I'm not sure I agree. the wrapper over all this of course, is the giant mess citi is in as result of YEARS of corporate malpractice.

I think the general feeling from seniors (in my experience) and I agree, is all the decisions/actions make 100% sense. I think you see that in the stock price. The divestitures, the de-layering, etc. And importantly, I think the signal she has sent by bringing in external talent at her EMT level make a lot of sense since we clearly need to change the culture of complacency. All this makes 100% sense..

Now Jane has been here for 20 years. We have a terrible track record of saying we will do something and deliver it. I think the latest hiccup with the consent order is an example. If this our #1 priority, then yes I understand it won't be linear, but how can we receive such a public rebuke?

in short, I think Jane is respected. internally an externally. But at the end of day do shareholders have confidence in this turn around story? I'm skeptical.

As someone who is about get out of this he-l hole (finally), the morale is going through the floor. The number of folks I know in the last week — especially post announcement on Wednesday from the OCC and FRB — who are willing to leave without a role lined up or take a demotion to go to another firm is skyrocketing. All stems from the leadership competency (or lack therefore).

I’m not sure. Charlie Scharf is hated too

Lame Jane is in it solely for the money. Her compensation in 2023 was $26 million dollars. She doesn’t care about Citi’s employees nor the state of the company as long as it benefits her. She will continue to tear away until employees give up and there’s nothing left. As soon as employees realize this they’ll be in a better position to act accordingly.

Interesting that some posted comments get deleted somehow… Anyone else notice this?