https://www.reuters.com/business/finance/citis-2023-revenue-expected-be-lower-end-forecast-cfo-says-2023-12-06/
6 replies (most recent on top)
Exactly. Economics 101 at "work" in Citi. Yes, we’ve seen the fruits of Cit's labor. Get rid of 300 managing directors only to get 304 more of them. Citi is both Schlemiel and Schlimazel the Laughing Stock of Wall Street Joke "bank" that mistakenly wire transferred US$900 Million Free Money to Revlon's creditors. LOL! The Judge in the case approved Only half of that be returned to Citi. So Revlon's creditors got $450 Million Free Money. And then Citi Still thinks it does Not have mediocre or below average employees including HR when TEN Citi Geniuses looked at the Wire Transfer FORM BEFORE the Free Money was wired out??!! That's because anyone with brains, skills and knowledge quit the CitiSh!t H0le for greener pastures! LOL! The employees who can Fix and Save Citi are the ones who are quitting. They quit the Citi Titanic and waved "So Long Svckers" to Citi and its pending bankruptcy. LOL !
LOL. Yes, we’ve seen the fruits of that labor. Get rid of 300 managing directors only to get 304 more of them. Economics 101 at work right there.
https://nypost.com/2023/12/06/business/citigroup-ceo-jane-frasers-massive-restructuring-to-cost-1b/
Citigroup’s massive restructuring to cost $1B, won’t be completed until next quarter
By Reuters
Published Dec. 6, 2023, 2:50 p.m. ET
Guys, no precise numbers were given, and no one is going to complain if the figures are off one way or another by 10%. That said, most MDs were required to submit a "proposal" about 10 days ago to their divisional/function head. Keeping in mind the company all but shuts down for the year around Dec 15, so even if the list is not 100pct done right now, you can bet it will be within the next several days. They will spend the time after that working on org charts, communication plans, etc.
Yea they already know the amount of staff and the staff they are letting go.
So they can project a cost figure meaning they have looked at staff already. Meaning they know the headcount being cut and who. Wow.