I'm wondering when we'll shift back to growing the business instead of just cutting people. I know the answer is probably "never," but a guy can hope.
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The Cuts/Layoffs @Citi are mostly politically motivated, NOT based on fungibility, redundancies or even costs.
We've all witnessed exemplary and competent employees get the Layoff Axe 🪓 while others in their team/dept. who are Incompetent and/or bad managers, but are members of the favored cabals or are adept at Svcking the Right AS$es are Not chosen for the Guillotine.
It's mostly the Incompetent and/or bad managers who are Not Laidoff and the employees the Real Banks, Goldman and JPMC do NOT want.
They would Not be hired by Goldman or JPMC, or even if they BullSh!tted their way in and got hired they wouldn't survive working there for too long.
The Incompetent who remain @Citi feed a vicious cycle of keeping Citi at the bottom rankings amongst banks, as well as the vicious cycle of Consent Orders, bad policies, Technology Fvck Ups, bad managers, Human Fvck Ups, etc..
Share price down 5% yesterday on the earnings announcements, despite the bumper Q1 numbers.
Analysts don't like the upcoming restructuring costs that have been flagged.
@a9 despite hitting 13% ROE they quieted to 11% in 2nd half that means massive layoffs or tech spend or both. Analyst don’t like the prospect of higher op exp. We’re almost 3 years into Bora Bora. That should be behind us..
Citi is full to the brim with dead weight. Not to mention a bunch of it is totally incompetent. Cuts are a good way to make the place profitable again.
What am I missing? Earnings were great today? And Jane has clearly won over equity investors?
I mean I hate this place as much as the next person but what kind of normal sane person thinks the strategy is not “working”?
When the orange man goes bye bye
They like eating from the plates of working families. Rich has no limits.
"NET INCOME UP 45%"
https://www.citigroup.com/rcs/citigpa/storage/public/Earnings/Q22026/2026prqtr2rslt.pdf?linkId=980469084