Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Chaos with a side of direction please….

The company gave away $893 million to the wrong company.
The company was fined $400 million for the mistake as well.
Not very good since we are in the business of managing money.
The company’s net income dropped 26%.
We are selling off parts of the business to stay afloat most likely due to the above.
Raises and bonuses are sparse because of the above.
Citi reported an 18% year-over-year increase in operating expenses to $13.5 billion for the quarter.
The vaccine mandate while 99% have reported being vaccinated, the mandate has fostered a resentment on such a deep level that I’ve never seen before.

Our main focus has been ESG and making sure we are LGBT friendly, while this is important I don’t understand how this strategy generates $. We are sinking and need a plan.
I’ve never heard of anyone weigh the pros and cons of banks and lean toward Citi over others because of being ESG\LGBT friendly. The comparison of banks is usually over offerings and money management and well you see how that’s been going.

Ok, so give all the promotions and new hires and highly visible projects to LGBT folks, great, awesome, why not, tearful tree hugging cheers and all that….. I say this as I myself am g-y and could care less if anyone believes me or not.

Ok, now lets focus on a strategy to compete with other financial institutions and generate revenue. I hate to sound materialistic but we are in the business of money. It keeps the lights on and people paid. If being ESG\LGBT friendly IS your ONLY strategy and that’s all you’ve got, we are doomed as you need something else other than this.
Please tell me you’ve got some other plan. Please tell me we are not solely pinning our hopes on this only.

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Post ID: @OP+1eNFWpeQ

6 replies (most recent on top)

Sorta confirms the point you’re making. This says it all vs citi. When you generate revenue, you reward your people. When you give away your cash like we did this past year to the wrong companies, you get nada.

https://www.marketwatch.com/story/bank-of-america-awarding-1-billion-in-stock-to-employees-for-2021-reuters-2022-01-26

Unless of course you’re wanting to strengthen your power base back in the UK, then you spend what money there is on revamping the UK office.

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Post ID: @dkhd+1eNFWpeQ

Compared to other banks our stock is….oh….nevermind.

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Post ID: @3kxu+1eNFWpeQ

I keep hearing that we are a family Etc….not true.
Families don’t fire you for lack luster performance OR lay you off if there are too many family members OR take advantage of you. It’s not a family, its work. A means in which to pay the bills, an exchange of work for money. Forced camaraderie never works.

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Post ID: @2jmb+1eNFWpeQ

The big C has a lot on their minds…..

Megabanks including JPMorgan Chase and Citigroup are disclosing that hot inflation in one area — employee wages — is casting a shadow over the next few years.

Jamie Dimon says CEOs `shouldn't be crybabies' about wage inflation
https://www.cnbc.com/2022/01/14/banks-like-jpmorgan-are-finding-out-that-inflation-is-a-double-edged-sword-.html?__source=iosappshare%7Ccom.apple.UIKit.activity.CopyToPasteboard

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Post ID: @1ejt+1eNFWpeQ

Re-orgs. Don’t forget re-orgs. Anytime a company can’t think of anything to do, they do a re-org as it buys them time until next year and Citi has had what….5 re-orgs in 6 years.

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Post ID: @1gsc+1eNFWpeQ

The partnership with Costco was a good move but that was long ago.

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Post ID: @sli+1eNFWpeQ

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