https://www.cnbc.com/2023/09/13/citigroup-ceo-jane-fraser-reorganizes-businesses-as-bank-is-mired-in-stock-slump.html
No backfills for years now. Now cuts coming. Probably right before bonus time to prevent payout. This company is awful
13 replies (most recent on top)
There is a lot of fat that needs trimming. Start at 388
@1sgl+1oA6rsdt if you actually watched her video message yesterday, she makes a point to say we will be saying goodbye to many people who have made valuable contributions. Are you asserting that the C16s will be kept, and only peons will be fired?
Post from TheLayoff.com
Wtf are you talking about? Jane added 5 direct, she didn’t eliminate the others. Reading comprehension is important. Click thru the link and look at her full executive management team!
Diversity!!!
Sounds like somebody got an ultimatum..."get the stock price up or you're gone"! Unfortunately, a lot of good people are going to take the fall for her decisions.
Monthly team meeting was just cancelled.
My manager probably has no answers and did not want to spend an hour saying "I don't know" or "We will have to wait and see."
@zsn+1oA6rsdt
When has anyone at Citi ever given a fu-k about anyone but thesmelves, its ingrained in the culture to be complete and utter a--holes.
Well, something was totally coming and here it is folks. It's very odd that bosses and middle managers are radio silent right now. Not even reaching out in c8ncern for employees. It's sad they are too busy thinking about themselves, but I guess it's what happens after a bo-b like this is dropped.
From an article I read. Just in time for layoff season.
"The new division heads will take decisions about the second and third layers of management, which are expected to be announced in November and January, the sources added, speaking on condition of anonymity."
This story references the number one bank employee villain of all time, Mike Mayo, who has made an entire career of sh-t talking banks and expenses while also being wrong at least half the time and also working for a bank that has the distinction of being under a five year asset cap. Jane and other bank executives should lock arms and tell this dude to eff off instead of always doing his bidding to the detriment of employees, customers and the business.
I will be interested to see what happens.
Jane went from 18 exec's to 5...wow.
Will people like Titi Cole leave or just be shuffled under someone else?
They are desperate to raise the stock price. That's all this is.
Jane admits is in her memo talking about her "frustration that we are seriously underestimated as a bank"
Publicly owned company = stock price is the #1 priority.
If you want to be an employee and also be the #1 priority, work in a small family-owned business. Dont work for large publicy traded companies and then whine when you are treated as a number. That's the game you signed up for.
Now it all makes sense as to why so many executive leaders have departured these last few months