Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Dead bank walking

How can Citi strive to be the leader in wealth management when we keep making mistakes on the scale of billions. The Revlon debacle and now the Europe flash crash.
Naturally this will be followed up with some new initiative on risk controls by management. Something to the affect of “ok, they pushed the red button that caused this so no more red buttons. From now on, make all buttons blue.” Pat themselves on the back for a job well done and give themselves a raise for “problem solved”. Then move on schedule everyone for an extra meeting per day to discuss why there are too many meetings. All to wonder later on why employees have no faith in the direction of management. Now here we are…upper mgmt has been looking for some catalyst to help them drive people away rather than a layoff. A layoff there’s a severance pay so the goal is to make things as unpleasant as possible so that people leave on their on so there’s a vacancy to be filled with more “desirable” candidates meeting a specific criteria that has nothing to do with the actual job function. No direction, no vision, nothing to offer in comparison with the competition, just a mix knee jerk reactions with Benny Hill music playing in the back ground. As the future unfolds, it will die a slow death into a dead bank.

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Post ID: @OP+1gEmDGDt

11 replies (most recent on top)

Lets see what happens after the recession re-org\layoff. Once that takes place positive things will take place for Citi, right? I mean its not like Citi constantly re-orgs or has layoffs or anything.

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Post ID: @Zlan+1gEmDGDt

Don’t compare Citi with its peers. It’s apples and oranges, that much is quite apparent.

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Post ID: @Qprx+1gEmDGDt

During a recession usually banks do well. It’ll be interesting to see how Citi does compared to other banks during these times.

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Post ID: @Qilf+1gEmDGDt

C stock certainly hasn’t done anything since 2008 thats for sure.

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Post ID: @Kvkd+1gEmDGDt

What is painful is the little to no bonuses vs a huge interest rate increase, then you reminisce over the company mistakes costing billions. Every time it happens, “whoops, there goes most people’s bonus”, except the big wigs of course.

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Post ID: @2pwf+1gEmDGDt

ESG is a chapter in the CEO’s upcoming book. There’s a huge push to make it be successful and believe you me one way or another it will be a success even if its just on paper. It has to be so that its a solid foundation for her Chapter 2.
On the risk controls in order to keep from making mistake by the billions, well that cost money and people. It’s better to work with a skeleton crew all the way around, work them until exhaustion and then come down on them when they make risk control errors that….cost billions. Not to mention that what money we do have goes to fines for well, broken risk controls. As the original poster said….Q the Benny Hill music. But hey…..Chapter 2 is on the way and looking good.

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Post ID: @1sou+1gEmDGDt

ESG will save us. You have to just give it time. A year or two from now people will see that we are deep into ESG and the money will just start flowing in.

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Post ID: @1fwm+1gEmDGDt

What bothers me is that on financial discussion forums you’ll see representatives from all the major banks and financial institutions there, except for Citi. BOA, PNC, JPM, WF, AMEX, etc… they are all there.

I’ll record CNBC to watch later on that afternoon. I’ll fast forward to the financial sector discussions. Every now and then they’ll have a panel of experts representing all the major players for various discussions. No Citi representative. Is it because they think we are a joke? It can’t be because we think we are better than that. You can look at the C stock growth and see that. I think its because we are on such thin ice that we are to afraid to publicly forecast anything.

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Post ID: @1yky+1gEmDGDt

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