https://apnews.com/article/citigroup-jane-fraser-federal-reserve-92db0bc00514734a452753438a26b417
I wonder how come so called Risk leaders(inefficient) are getting handsome compensation and fat bonuses:-(
5 replies (most recent on top)
None cared about these after they put forth a program initiative. New SVPs and D's hired
who had their own agenda to hire friends and families into the bank. The program lost it direction like everything else . Shame !
Further stifling innovation. Good luck, Citi
The Risk leadership is focused on moving projects to India centers. specially Chennai and Pune to reduce cost. Where as the US employees are completely demotivated without promotion and picking fights with India team. India teams are just experimenting things at random without proper process.
The failure will continue...
The formula is to pressure the current talent to come up with a solution, unguided, in hopes that the pressure will force them to come up with something. This is cheaper than buying a solution that works or paying an expert who already knows how to fix things.
Citi’s long standing position has been to pay the fines because it’s cheaper than what it takes to be compliant. This goes way back and has not changed. Four years have passed and $400 million since the original consent order with very little progress. A lot of work and decisions directed by bad management producing nothing in return. It’s an ongoing struggle, blind leading the blind. This latest OCC fine of $136 million is a key indicator of the work being produced by a corrupt management whose main objective is to keep their jobs rather than ensuring compliance. So far, they’ve wasted four years running around in circles and they’re back to square one. Meanwhile thousands of workers have been displaced without any accountability. What will not change is Lame Jane’s millions in compensation for the horrible job she’s done.