Citigroup leads by example

https://www.efinancialcareers-gulf.com/news/2023/10/citigroup-job-cuts

They must learn from Citigroup how layoffs are conducted. Citigroup is going to layoff one layer of management. Here we are increasing layers of Director's and senior directors nobody asked for. Msg to Gru who calls himself Superhero Robin from this article ~ How is Citi cutting costs then? Explaining the process last week, Citi CEO Jane Fraser gave the distinct impression that it's all about eliminating the kinds of pointless activities and meetings that consume people's time but achieve almost nothing at all. By reducing its management layers from 13 to eight, Citi will eliminate 60 committees and free up "over tens of thousands of people hours annually," announced Fraser.

Fraser said the bank will also eliminate 50% of its internal financial reports and do away with the kinds of co-heads and dual reporting lines that su-k time for no reason. "Let me give you an example," Fraser declared. "We had HR in a region. The region head, you have the institutional client group head. You had the banking head. In addition, you had a North Asia head and a South Asia head. We're just going to have the North Asia head and the South Asia head....all of those roles collapsed into those two." Similarly, by halving the internal financial reports, Fraser said the bank will do away with 1,000 management reports and with them all the shadow P&Ls by country, the quarterly outlooks, the monthly performance updates and all the associated tracking and reconciliations that shareholders don't really care about.

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@1rve

So you want the meetings to have different numbers. Do you have any personal favorite numbers? If you like 7 we could schedule a “meeting 7” if that helps you.

Sc--w Fraser. I want to know what Kramer thinks….

@OP is a pure babbler… impossible to guess his point. Likely a good layoff candidate…

@1hhx, anyone who is an expense SHOULD be let go. The problem is, our "leaders" can't determine what tasks are an expense and what tasks are making us money. So it's no wonder they have no idea which employees are making us money.

Ok and they also have 13 layers of management according to this, we don't

Welcome aboard!

Our entire business model is to cut expenses.

I’ll be the first to let you know that you are an expense. Keep interviewing and get the h3ll out of here.

@1rve

Here Agile means “let’s develop software while we’re all on a teams meeting”, as in “let’s all check in our code now, compline and see if it works”. We make our money by charging transaction fees for asset servicing, wires, ACH, ledger changes fees, lockbox and other transactions, Foreign Exchange (often with illegality), etc. basically It’s a sleepy transaction processing bank with no future.,

Joining this firm from a big techie firm due to relocation issues I really dislike the number of meeting . Especially in the name of agile we spend so much time in tickets and not actual development work. The development work produces the reports, gives the client what they want or requested.

No one in the trenches is really interested in documenting their work. Every aspect is a learning process and the managers really have no clue. They overly generalize just establishing that they have no idea what is really happening.

I am curious to find out what is really holding this company together and generates revenue

The article references removing 5 layers, not one. It all sounds great…until they start having risk events and the regulators write them up for not having proper supervision in place.

That HR example seems terrible since labor laws vary so much even state by state, much less by country.
@djh, yeah, my boss got chainsawed even though he was working in the trenches as well as handling the management tasks. He was replaced by someone just doing the management tasks who had no idea what I did or why I did it.

Chainsaw Charlie did this when he was here. Remember the spans and layers reduction initiative?
It’s all smoke and mirrors. All management did was change titles of team lead managers to that of individual contributor (but behind the scenes they still had the same mgmt responsibilities). Then they lay off the lower rank and file while those newly minted “individual contributors” are safe.

Thread regarding Bank of New York Mellon Corp. layoffs

Citigroup leads by example

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