It appears Citi is only cost cutting and scaling back operations. They can’t grow and are not innovative, so the only option is to keep cutting and reduce the bottom line.
4 replies (most recent on top)
It is up to the individual. Many of my Citi colleagues moved to places like JPM and famous hedge funds. Citi is still regarded as a top place to be hired and work for, especially the investment bank / wealth management. Not sure about consumer, etc.
Unfortunately Citi has downgraded itself so low that even recruiters are bypassing anyone who is currently or previously worked at Citi. No new innovations or technology upgrades to advance the credit card business into an industry leader. Citi always lagging behind, lazy and complacent, doing the bare minimum, paying regulatory fees for years instead of making changes for improvement. It’s all part of Citi culture and it shows. Why hire someone from Citi when there are candidates from much better companies with better experience and more knowledgeable about current methods and technology.
Yep basically
No new roles being opened in NYC unless necessary business case is being presented.
Someone resigns and the role is going to be opened in lower cost locations either Texas / Florida / Charlotte or in 80% of cases, overseas like India or Costa Rica.
Pretty depressing
It is actually a vicious circle - cutbacks and layoff's are not to streamline people, process and technology. It's to fund annual share buyback worth billions which ends up also funding Jane Fraser's hefty salary and bonus and no doubt her pension. Though, given what she's earned so far, she won't need a penny of that pension - her next few generations are all set.
The gravy train can only be stopped if there's another CO or regulatory blowback (not happening under the present admin) or if layoffs finally stop positively affecting share price...even if a temporary surge
Otherwise, there is no vision, no strategy and no reason for talent to stay at Citi unless boot and back l1cking is the only talen one possesses. Thank God I left