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tigress

Hyattsville, MD

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#1
Feb 9, 2011
 

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I have been hearing rumors that there are Citi employees that are being given 4s in their Performance Evaluations and are being laid off. Ironically so far it only seems to be people who are non-white.

I have seen fellow co-workers who are working on the same project for 3 years be given a raise and bonus whereas I completed my project before time and under budget, in less than a year and I get a 4 and no bonus. Strangely enough my fellow co workers are white and I am not.

What has been your experience?
Shareholder

Singapore, Singapore

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#2
Feb 9, 2011
 
tigress wrote:
I have been hearing rumors that there are Citi employees that are being given 4s in their Performance Evaluations and are being laid off. Ironically so far it only seems to be people who are non-white.
I have seen fellow co-workers who are working on the same project for 3 years be given a raise and bonus whereas I completed my project before time and under budget, in less than a year and I get a 4 and no bonus. Strangely enough my fellow co workers are white and I am not.
What has been your experience?
Vikram Pandit is non white as are some of his senior leaders eg Shirish Apte ( CEO Asia ), Deepak Sharma (Chairman Citi Private Bank)... do you think that they will be a laid off because of the color of the skin?
same old Shi-

United States

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#3
Feb 10, 2011
 

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Sounds like same old story, You don't get what you want or get told someting don't want to hear, so it must be racial, Quit playng the race card, A large population of Citigroup is non Caucasian!!
Shareholder

Singapore, Singapore

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#4
Feb 10, 2011
 

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same old Shi- wrote:
Sounds like same old story, You don't get what you want or get told someting don't want to hear, so it must be racial, Quit playng the race card, A large population of Citigroup is non Caucasian!!
Despite efforts to create jobs by Obama I think some layoff in Citi developed markets such as the US is inevitable and if that happens it would be illogical to do the elimination by race rather than performance or the types of functions which can be combined , outsourced or push to elsewhere like the Philippines, India,China or Malaysia .Technology is going to be the enabler for the bank to do this. looking at recent reports of proposed Technolgy spending by Citi, the scenario of pushing functions out is likely. When the layoff starts I hope it will be done swiftly so that the rest remaining will not be demoralized and for those affected let's hope the bank will treat them with respect and part ways with fair severance package . Jobs will be difficult to find in the US so people will have to be prepared to uproot , many Filipinos, Indians and Chinese ( I don't mean to be a racist) have done it in the past so can Americans. The US should equip its citizens to be mobile and facilitate their working abroad rather than sending its military abroad to fight unproductive wars and deplete the country's reserve
The Fixer

Warren, NJ

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#5
Feb 11, 2011
 

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Yes, playing the race card here is disingenuous. I had a great review but a lousy raise with no bonus, and I do not appear to be any non-white ethnicity (though I am a mutt and can lay equal claim to MANY ethnicities).

I would hope that any potential layoffs in the US are done intelligently and very sparingly. Unfortunately there's quite a few of us already doing the jobs of 3 or 4 people now, AND worse, those functions that got shifted to other non-US locations, well, let's say the responsiveness leaves MUCH to be desired, and that apparently when the functions were shifted to those workers over seas the management doing the shifting failed to take into account the receiving group's actual core 'competencies' and so you have groups of people who seem to be attempting to do things they have never done before, and apparently have very little idea on how to accomplish them.

It's extremely frustrating, especially when things that used to take at most a few days (and every where else on the planet outside of the Citi world take minutes) now can take weeks or even months.
Shareholder

Singapore, Singapore

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#6
Feb 11, 2011
 

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The Fixer wrote:
Yes, playing the race card here is disingenuous. I had a great review but a lousy raise with no bonus, and I do not appear to be any non-white ethnicity (though I am a mutt and can lay equal claim to MANY ethnicities).
I would hope that any potential layoffs in the US are done intelligently and very sparingly. Unfortunately there's quite a few of us already doing the jobs of 3 or 4 people now, AND worse, those functions that got shifted to other non-US locations, well, let's say the responsiveness leaves MUCH to be desired, and that apparently when the functions were shifted to those workers over seas the management doing the shifting failed to take into account the receiving group's actual core 'competencies' and so you have groups of people who seem to be attempting to do things they have never done before, and apparently have very little idea on how to accomplish them.
It's extremely frustrating, especially when things that used to take at most a few days (and every where else on the planet outside of the Citi world take minutes) now can take weeks or even months.
The experience in Asia is different The current co CEO Stephen Bird used to run O&T and probably under process flows much better than most of the other regional CEOs. In a way Citi Asia is quite self contained and that's probably why it contributed to more than 75% of the whole group profits that is good for US IRS because the bank is taxed on a global basis regardless of where the money is earned plus it also taxes Americans and green card holders working outside the US ( on amounts exceeding $80K and this is double tax because we have to pay local taxes well but fortunately the rates in Hongkong and Singapore are lower top rate is less than 20%) I think more cost can be removed out of Bank if Pandit removes the many co head roles within the bank. Perhaps he is concerned about back ups Citi Asia is losing many people to the competition, the fellow who runs the SE Asia Piyush Gupta has moved on to be the head honcho of DBS Bank, regional head for the Indian subcontinent Mark Goodman left to be head of ANZ Asia. Head of China Richard Stanley who made news recently because of the Wikileaks also left the bank, Rich unfortunately passed on soon after he left the
Bank. Kaven Leung who ran the Private Bank in Asia left to join Goldman Sachs. Ajay Banga sent by Pandit to run Asia left to be CEO of Mastercard! Amazing though that despite the departures Citi Asia is still very profitable.

The people I know who have left Citi ( including myself ) can attest that there is indeed life after Citi. I just found out recently that there is a group of ex Citibankers who meet once a year in different cities in Asia ( most times in Singapore) to have meal together. Met a fellow a few days ago at Jakarta airport in Indonesia who mentioned that he was flying into Singapore for this once a year gathering unfortunately I did not get his contact so anyone knows the organizer maybe good to post the contact. Tried calling the Human Resource Department in Citi, they had no idea of the group existence.

Well Fixer wish you all the best as you and others move on
tigress

Hyattsville, MD

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#7
Feb 16, 2011
 

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I will admit that it may not be race related however it is not performance related. Many sharp Citi employees are being given 4s and being laid off with no severance packages.
Shareholder

Singapore, Singapore

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#8
Feb 16, 2011
 

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tigress wrote:
I will admit that it may not be race related however it is not performance related. Many sharp Citi employees are being given 4s and being laid off with no severance packages.
Mcwhinney is leaving the US wealth management business. Anyone in the branch banking will likely be facing the real possibility of layoff as the bank begins to leverage technology to deliver it's products. Management will be forced to look at staff mobility, skill sets and not just on present performance on the job. Those who are prepared and able to move to other locations will probably be able to continue with the bank, after all 49% of the revenue comes from wealth management the major portion from outside the US. It was announced yesterday that the bank is establishing an innovation center in Singapore which is already home to the bank Global Technology group, the headcount in Singapore is expected to increase to 9000 .leases on 2 new buildings were signed on a long term basis and come the latter part of the year the Client coverage and front line staff will be moved to anew class A commercial building in the heart of the city. What we will see is employment shrinking in the US and jobs added outside of the US not just for Citigroup but for many other US companies with international operations. Increasingly, we have to prepare for a digital and global world. Kids in Singapore in junior schools now are sent to Australia, China and India for exposure programs, teachers have become facilitators and homework are handed out no longer on paper but via home PC, My sister's 14 year old just told me that Apple is sponsoring a pilot program in her school to introduce Individual I pads to the students. The country's population is increasing by about 200,000 a year the organic increase is only 30,000 the rest are from outside China, India , Malaysia , Philippines and Malaysia. The former SEA head of Citi Piyush and the current regional head for Stanchart Bank Ray Ferguson both turned in their passports for a Singapore Citizenship, my own spouse did the same and is now a Singapore citizen , the siblings who are US and Canadian citizens may just do likewise and move to Asia if things don't improve in the US
anafreeka

Rio Rancho, NM

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#9
Feb 16, 2011
 

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Citibank is closing their Albuquerque collection center. The 700 employees will work from home or so they say. I wonder how long that will last...
Citi Emp

Warren, NJ

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#10
Feb 17, 2011
 

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Shareholder wrote:
<quoted text>
Despite efforts to create jobs by Obama I think some layoff in Citi developed markets such as the US is inevitable and if that happens it would be illogical to do the elimination by race rather than performance or the types of functions which can be combined , outsourced or push to elsewhere like the Philippines, India,China or Malaysia .Technology is going to be the enabler for the bank to do this. looking at recent reports of proposed Technolgy spending by Citi, the scenario of pushing functions out is likely. When the layoff starts I hope it will be done swiftly so that the rest remaining will not be demoralized and for those affected let's hope the bank will treat them with respect and part ways with fair severance package . Jobs will be difficult to find in the US so people will have to be prepared to uproot , many Filipinos, Indians and Chinese ( I don't mean to be a racist) have done it in the past so can Americans. The US should equip its citizens to be mobile and facilitate their working abroad rather than sending its military abroad to fight unproductive wars and deplete the country's reserve
F## you!
Shareholder

Singapore, Singapore

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#11
Feb 17, 2011
 

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Citi Emp wrote:
<quoted text>
F## you!
Cursing or blaming others won't help. Understandably there will be anxiety over potential lay off, better to take a hard look at your skill sets, personal and family financial position, jobs availability elsewhere ( and of course please check your foul mouth if you want to ace the job interview)

To readers who are offended by my earlier posting please accept my apologies .It was not meant to belittle the US administration but to point out the reality of today's world. Many people in the US don't even have a passport and have not seen the changes that are folding this century. The 19th century belongs to Britain and its neighbors, in the 20th century the power base both military and economic move to the US and in the 21st century we are at the threshold of seeing the shift from the US to China and Asia. The sooner we realize this the better so that we can prepare our children to face the changes. If you want to stay in the US, leave the financial sector and go to agriculture because there aren't many young farmers, it won't surprise me that one day in the not too distant future you will find those with the MBAs driving tractors and those who are smart enough to get a degree in Agriculture and go into the sector will be driving Porsches and Maseratis

F## me won't change the situation , better use your time to plan your next career change. All the best
Soccer Mom

Commack, NY

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#12
Feb 17, 2011
 

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Shareholder wrote:
<quoted text>
Cursing or blaming others won't help. Understandably there will be anxiety over potential lay off, better to take a hard look at your skill sets, personal and family financial position, jobs availability elsewhere ( and of course please check your foul mouth if you want to ace the job interview)
To readers who are offended by my earlier posting please accept my apologies .It was not meant to belittle the US administration but to point out the reality of today's world. Many people in the US don't even have a passport and have not seen the changes that are folding this century. The 19th century belongs to Britain and its neighbors, in the 20th century the power base both military and economic move to the US and in the 21st century we are at the threshold of seeing the shift from the US to China and Asia. The sooner we realize this the better so that we can prepare our children to face the changes. If you want to stay in the US, leave the financial sector and go to agriculture because there aren't many young farmers, it won't surprise me that one day in the not too distant future you will find those with the MBAs driving tractors and those who are smart enough to get a degree in Agriculture and go into the sector will be driving Porsches and Maseratis
F## me won't change the situation , better use your time to plan your next career change. All the best
You are right on with your posts. People need to wake up and smell the coffee. The USA is not what it once was and neither is the job market. People here at Citi and other companies need to start planning their future.
help

Sumter, SC

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#13
Feb 17, 2011
 
Hello
hog

Birmingham, AL

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#14
Feb 21, 2011
 

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i am an laid off employee of citi that didnt get a dime when i left after 13 years....got a good job with an (american) bank....good $ also.....no need to be loyal to citi....start looking now....dont wait.
Shareholder

Singapore, Singapore

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#15
Feb 23, 2011
 
hog wrote:
i am an laid off employee of citi that didnt get a dime when i left after 13 years....got a good job with an (american) bank....good $ also.....no need to be loyal to citi....start looking now....dont wait.
Which part of Citi...and did it take you a long time before you land that job. Reason I asked is to check out the theory that Citi is downsizing its branch banking and focusing more on the international business, there is no clear statement from management but I am trying to read in between the lines.It also appears that the offshoring of functions to India didn't quite work so am wondering if the bank brought function back onshore or is moving the function to another country
The Fixer

New York, NY

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#16
Feb 23, 2011
 

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Quite frankly they need to move customer service functions to countries with cultural histories of equality and egalitarinism to all citizens.

"Customer service" from countries where it's not even expected that you would at least ACT like you're not prejudice is, well, fairly pathetic in my experience. The only thing I can think that explains it is that these countries have lived under defined "class systems" only up until recently and that causes significant tendancies to 'treat specific types of people differently than others', when in the customer service arena it's best to treat ALL customers equally, and at least as though they were your peer.

There's not many countries with enough 'cultural history' that that sort of attitude would be a natural unconscious process, not forced, prone to slippage...

Anyway, if Citi is moving functions around, and I hope they are, I hope they make sure and move those functions to where the actual experts are. The last round of off shoring left critical functions woefully under supported causing incredible delays in quite a few projects as contractors from India scrambled to learn their supposed expertise...
Rebel Yell

Lakeland, FL

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#17
Feb 23, 2011
 

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Fixer, you are exactly right. I was in finance business 40 years in southeastern USA. When local people handled customer service, collections, etc. everybody was happy and company was more profitable. Then around 2005 these functions were sent to India, etc and the rest is history.
SickandTired

Sunbury, OH

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#18
Feb 23, 2011
 

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Soccer Mom wrote:
<quoted text>
You are right on with your posts. People need to wake up and smell the coffee. The USA is not what it once was and neither is the job market. People here at Citi and other companies need to start planning their future.
Then move to Singapore if the USA is so bad!!!!!!
That must be the reason why so many non-Americans still move to the USA!!! WTF?!?!?!?!?!
Shareholder

Singapore, Singapore

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#19
Feb 23, 2011
 

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Rebel Yell wrote:
Fixer, you are exactly right. I was in finance business 40 years in southeastern USA. When local people handled customer service, collections, etc. everybody was happy and company was more profitable. Then around 2005 these functions were sent to India, etc and the rest is history.
I think you guys are right about the shared resource centers being in India. Seems like Goldman Sachs has moved the middle office function from india to Singapore, that outfit has 400 headcount and they managed to hire only 100 locally, 300 came from elsewhere and were given 1 year rental subsidy for them to settle in. Shell has its shared service finance center in Manila which covers Europe, managers are sent there from different parts of the world on a 6 month rotational basis to supervise the teams there. Today, young people who are mobile are so fortunate to be able to go to different places and experience different work cultures...the only draw back is as an American or green cardholder, they will be taxed regardless of where they work on income above $80k pa plus soc sec contribution if they work for a US corporation
Shareholder

Singapore, Singapore

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#20
Feb 23, 2011
 

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SickandTired wrote:
<quoted text>
Then move to Singapore if the USA is so bad!!!!!!
That must be the reason why so many non-Americans still move to the USA!!! WTF?!?!?!?!?!
Do a check on where those guys are coming from, in the 1980s India was a net exporter of " foreign aid" to the US because the spent the resources to educate the kids and the bright ones migrate to Silicon Valley and started many successful ventures, that flow has trickled down now because of the growth and opening up of the Indian economy. Today the Jaguar is an indian owned company . Owing to a cut in funding for research projects US is beginning to see that it is less attractive to the Chinese...other than those in the triads/drugs trade. Increasingly, I meet more and more americans working in Shanghai on my visits there, Starbucks there too if you like the smell of american coffee . Go to Loius Vutton in Paris and you will find queues of Chinese outside the store. Sands has a casino in Singapore and it is already making more than its Las Vegas counterpart and the bulk of their takings are from the Chinese! There are obviously asscoiated vices that come along as welll. Filipinos will continue to go to the US because of the situation back home, more will go given what is happening in the Middle East...there is a big Filipino community there. Then you have a group of people from your neighbors in the South who would take on jobs that Americans don't want to do.

Yes the US is attractive to some but it has lost its shine with high unemployment. Good place to visit as a tourist because of the weak US dollar and take in the experience of the National Parks, Disneylands and the many good restaurants and theater shows in NY but living there....not too sure if I will want to do that.

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