https://www.efinancialcareers.com/news/remediation-work-banks
8 replies (most recent on top)
@kz That's not the point and Citi doesn't care. They care about short term gains and making stockholders happy. That's it. Citi hasn't been interested in servicing customers for years. They react to consent orders, and cut straight to the bottom line at any cost. And most people are completely ignorant on the kinds of practices their bank engages in. You care because you worked there. Most people don't give a $hit.
Do they think reputational risk isn’t going to be a factor with all these layoffs. I was impacted earlier this year and to this day my in-laws, extended family and friends refuse to bank or have anything to do with Citi. I know this is anecdotal but if Citi and these other companies don’t think that impacting the livelihoods of loyal employees won’t have a ripple effect on their customer base they’re sadly mistaken.
The issue is not laying off people; it's doing it so slowly that everybody works with the uncertainty of whether they will be next. The selection is not about performance; it's more like Russian roulette.
It appears that many Citizens will be let go in Aug, Sep and Oct. Perfect time to be jobless while kids start the school. Contractors may fill those roles in Oct/Nov once the new batch is imported.
The whole data team should be completely eliminated. useless team and make troubles.
What you described is exactly what a Drvg User in denial does.
Change is difficult and getting off Drvgs/Narc0tics is difficult.
Between years 2022 and 2024, Citi Fired under the pretense of "Layoff" several former GS and JPMC Svckers Citi lured to Citi. Once those GS and JPMC Svckers started proposing changes and recommendations on how to improve Citi, Citi pushed back and disagreed.
The scenarios were like Doctors telling the sick patient what the sick patient must do or Not do. But the patient is in denial of their problems AND refuses to follow Doctors' orders! 🩺🚑🏥
Citi is unable or willing to change and emulate its envied competitors GS and JPMChase. Doing so is simply Not in Citi's DNA and Never will be. Citi may truly believe it's changing or progressing for the better, but it's Not.
CEO Jane Marie Antoinette said that Citi is now on the offence. LMFAO! For how long??
Layoffs give an ephemeral bump in stock price. Just like Drvg Usage you need to take more of the Drvg to achieve the same level of high.
At this rate Citi will need to Layoff 100% of its employees, which means selling off pieces to the Vultures 🐦⬛🦉 Goldman Sachs & JPMChase waiting in the wings.
I still don't understand how some of these groups are still pulling the wool over everyone's eyes. The work Nawani's group does is meaningless. It's a lot of made up work that's worthless by the time it's completed. The entire group is constantly making up busy work to look important and the priorities change daily. Continual fake fire drills and complicated strategies to give the illusion of importance. I assure you, SR management in his org have no idea wtf they are doing. Total anarchy. And hearing Ash speak is like nails on a chalkboard. Like some cartoon Dracula continually on the verge of dying. Makes me ill.
data team under Nawani needs to be quartered and the COO team under Anand needs to be cut up to 90%. Most of these are useless anyway. Issue is, there's no point in cutting just the minions. They need to hit the upper fat level layer of MD's and D's and promote less, because cutting the fat only to add it back the very next year is a pointless exercise in book balancing for end of year earnings call