Not sure why they had to mask the cost-cutting with the term "restructuring". It is pure cost-cutting, let's be honest.But from what I have seen from the inside, it is needed - Citi is like a government institution - there are many people working there for 20-25-30 years as MDs - it is ridiculous - how can you still need money after 10-15 MD bonus seasons? Just retire gracefully and go and do something useful and/or interesting...
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Execs have priorities backwards. They care only about stock price, stock price, and stock price. Customers and employees are afterthoughts.
A company that cuts 15% or 36,000 employees will not recover for a long time.
Executive "Management" is Not masking the words cost-cutting and layoffs with restructuring, right-sizing, transformation, change, unlocking value and simplifying. They're outright LYING. It's called using euphemisms for words or phrases that are offensive or direct. Also, with reference to your question about MDs still working there after 20-25-30 years and still collecting MD bonus-levels, it's called GREED. They also do Not want to leave their current employer whether it's Citi or anywhere else because they want to stay with the Dev!l they know. The MDs are familiar with the inner workings of their current employer, the politics and know how to get what they want. Mike Corbat, Brad Hu and their cronies would Not have left Citi if they were Not voted and kicked out. Corbat was in Citi for 35 years !