Jane Fraser's sweeping changes are going to put Citi in a good strategic place.
To those unwilling to adapt to these changes, you're the exact definition of bystanders.
The message is crystal clear, we have a fast moving train so please stand clear!
4 replies (most recent on top)
Nothing had changed in over five years…to say this would set Citi up good is a wild dream as they been working on “transforming” for over ten years. The entire leadership staff needs to go starting with Jane.
“Jane’s changes are going to put us into a strategic good place”- - -I’m not so sure we can handle too many more of Jane’s changes. Was it her plan to have the stock price plummet? As one poster already summarized her past actions that got us here to begin with:
https://www.thelayoff.com/t/1pIubTxX#replies
The reason its “rush time” is because the board has gotten tired of her lackluster leadership and for her its panic time. As another poster put it:
“She was a token hire, and this is what token hires do (create constant buzzword campaigns and virtue signaling exercises), because they never have any actual experience doing the job they were hired for.”
She does not know what else to do, so she’s laying off in hopes that the cost savings will make the board happy. Then later she’ll “identify a problem” of quick turnaround on things because we are too short staffed, so her solution is to start hiring people to replace those she let go.
She’s out of her depth and we need newer, younger leadership with some fresh thinking. She’s got her millions move over or preferably out, and let someone else lead us. If you have to have a tic in the box for a female CEO, fine, don’t really care so long as they can lead and not give us more of the same. Again its not her fault. Jane is a seasoned veteran in some things for another era, we need someone who can innovate the company.
I really believe that she thought that by trying to be the moral compass for all banks to follow would somehow generate revenue. While all the people may applaud you for really pushing diversity, equality and inclusion, no one is going to give you money hand over fist just because of that alone. This is all that we’ve seen from her, this is all that we’ve heard from her. It’s just not enough. To quote another poster:
“In order to beat the competition you need to:
a.) provide a service or product that is UNIQUE that your competition does not have
AND\
OR
b.) provide a service or product that is BETTER than your competition.
If you don’t do at least one of these things then don’t expect the doors to burst open with people willing to give you their money.”
We want to adapt and be on the train. concern is no one knows who’s gonna be on the train vs in front of it. T00t T00t (little engine that could)
To those unwilling to adapt to these changes, let the Citi Train Wreck pay you WARN money and severance because these hit the stock price of an already Dog "bank" and Dog stock according to equity research analysts on Wall Street. If Citi wants to throw you under the bus and lay you off, pull Citi down the black hole with you and contribute to further lowering Citi's stock price hopefully down to zero. Then watch pieces of Citi get sold off or closed down (e.g. Mortgage Department, Legacy Franchises, international consumer banking, etc.). Good luck retaining top talent, top performers and with recruiting. Morale is so low in Citi No one is productive and there's been a brain drain starting in early 2023 of the few top performers Citi does or did have as they've negotiated better pay packages with Citi's competitors. The Only job applicants Citi is and will attract are the Unemployed (students, phds from academia with no work experience, Laidoff from other employers, Temp-Contractors) whose only other option besides Citi is McDonalds.