The plan is to re-level the majority at lower pay, then circle back around later with a layoff.
Those that are let go now get the severance payout that will now be lower. Everyone will be on the edge of their seat with a “maybe I’ll be skipped, maybe it won’t happen to me” Let’s assume it does not happen to you. Just the fact that your leaders are willing to do this to the employees speak volumes to their ethics. If it does not happen to you now, who’s to say it won’t happen to you later.
Now let’s step back and look at it. The decisions made for Citi in the past, Jane had a hand in. She had a vote and helped steer the ship. Now she’s in power, have things changed? The board being upset with the lackluster performance gave her a time frame to turn things around.
To obtain market share, customers, you have to either come up with something your competitors don’t have AND\OR provide a better service than your competitor. Finance 101.
For us the only thing she can come up with is not only laying YOU off but also lowering your pay first, then letting you go later at lower severance. All to save herself from the board for abysmally leading us nowhere in comparison to our competitors.
YOU have to pay the price for her leadership. Remember this re-leveling efforts on the next VOE when it comes to the ethic’s question. Is this maneuver legal, yes it is. Is it right, or ethical? Draw your own conclusion but this…..THIS is your leaders.