Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Citi fined $400,000,000 for lack of controls

https://www.nytimes.com/2020/10/07/business/citigroup-fine-risk-management.html

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Post ID: @OP+17klDzEz

15 replies (most recent on top)

I was laid off 5 years ago. I'm a former VP and manager in technology. Long term loyal employee who got f*ked by an in-secure know-nothing who felt threatened by my knowledge.

The VOE is a fn joke. They don't care. They don't listen. When you comment about about what really matters. Comp, and the long hours, they gloss it over. Ignore it. Always have, always will.

VOE is a little game they play to make you think they 'care'. They don't.

Like Open Mike told us one fine afternoon in Tampa. Paraphrasing: "You folks are building blocks. We move you around, restructure, and make adjustments depending on the business climate" Translation. You are tools that we use and occasionally throw away.

Oh yeah. That's the other reason I got RIFFED. Because I saw through the BS and wouldn't follow the carrot anymore.

They want good little workers who don't ask too many questions, and aren't experienced enough to see that they'll never catch the carrot.

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Post ID: @30jwz+17klDzEz

What’s the current situation with the layoffs?

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Post ID: @Bqjj+17klDzEz

Self Assessments are a joke just like Employee Surveys. All just a waste of time

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Post ID: @msws+17klDzEz

Does anyone think it’s weird that self assessments are due 10/29? Why not Friday, 10/30, or better yet in December, or shortly after the year ends so that your last two months can be taken into account?

It’s terrible, but even little things like that make me wonder if there’s an ulterior motive...there just always seems to be. After seeing how sneaky some C14’s can be about role eliminations and how they orchestrate everything months in advance, nothing surprises me.

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Post ID: @lhkg+17klDzEz

Citi is NOT competitive on work versus reward by any stretch of the imagination. They like to act like they are but they are not. Salary is average, bonuses (even for high rated people) is minimal, raises minimal. You have to hit that higher management level “sweet spot” whatever it is for the higher pay and bonus. Of course its that higher management level that gives away 900 million dollars. You know, that amount of money that the lower people will have to pay for by being laid off, yeah that money loss.

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Post ID: @8csh+17klDzEz

I would welcome that cold heartless call

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Post ID: @8wxh+17klDzEz

In this Covid environment, either your manager or their manager will out of the blue set up a call with you. The meeting is suspect just because it has no relevance to anything happening and it's just you and them. You don't realize until the call starts, that HR is also on the line. The manager "lets you go" and hangs up to let HR handle the rest. It's pretty cold and heartless as expected. And no, there is not a warning. It has begun!

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Post ID: @7blk+17klDzEz

Newer employee here, does anyone know how citi typically handles large layoffs? Does HR just invite everyone to a conference call or is each manager tasked with delivering the news? Is there ever any notice? Sorry if these questions sound stupid, I’ve just never worked at an organization of this size.

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Post ID: @7lud+17klDzEz

Best way to get the executives attention on VOE is to NOT take it! They (we) get beat up for poor participation more so than results.

I’m an SVP and know this to be fact.

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Post ID: @5bil+17klDzEz

Isnt it something how they want people to work late nights, weekends and holidays and then question why quality goes down?
And believe me the Voice of the Employee will fall on deaf ears.

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Post ID: @5vzu+17klDzEz

All you ever hear is how employees need to step up and improve and focus on quality.
You lead by example so what does this say. This is not a single person blame mistake. There has to be like 10+ people to buy off on such a massive amount of money shuffling. As usual though, it’ll be the lower level players to have pay the price via layoff. You know, like they had anything to do with this.
Well at least Corbat will have a rather large financial umbrella to retire under. Good for him. Glad he’s going to come out ok over all of this.

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Post ID: @4pba+17klDzEz

Need to give the new CEO a chance , but you cant save a sinking sink.
Same BS Just a different day.

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Post ID: @4dkv+17klDzEz

Dont feel bad, JP MORGAN CHASE- Jamie Dimon paid 920 M, so that would be less layoffs for Citigroup

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Post ID: @3ejq+17klDzEz

Only thing that would shock me at this point is if they were to actually fix anything. New CEO, same BS. Leadership in this organization is incompetent at best, criminal at worst.

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Post ID: @2uym+17klDzEz

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