OneMain Purchase

Singapore, Singapore

#22 Jan 6, 2012
When Elephants Fly wrote: ws/2012-01-06/citigroup-is-sai d-to-end-talks-on-sale-of-onem ain-lending-unit.html
The reason why it is put into Citiholdings means that the bsuiness is non core to Citigroup and is earmarked for sale. Because it is non core , it doesnt get the resources and hence the staff morale issues. Existing staff will have to rely on keeping their own spirits up and hold out till a buyer who believes that this can be part of the buyer's core business put in an offer. Eurpoean banks have their hands full with Basel 3 and domestic problem to be potential buyers, some like HSBC got their fingers burnt when they bought Household Finance. That leaves mainly US banks/corporations/funds as the only potential buyers, capital is scarse so look at the balance sheets of these US entities and the list of potential buyers gets shorter. On apositive note, the December Jobs report looks encouraging , watch for the data over the next couple of months, if the economy cannot sustain the pace of job creation then don't expect bonuses but be thankful that there is still a job
The Fixer

Warren, NJ

#23 Jan 9, 2012
That's a non-brilliant plan.

Use and abuse current employees, do nothing to maintain morale or the employees motivation to do quality work, and try and sell the company.

Unfortunately, this sets the employees up for being terminated because it's unlikely the new owner will want to make the neccessary investment to undo the damage being done now.

Not only that, but if I were involved in on the negotiations, I'd be sure and point out all the crap Citi has done and the costs neccessary to fix it, be it investment in employees, or layoffs and rehire, and of course adjust my offers accordingly.

Better to keep the staff highly motivated and at peak morale so that you can show you have a business with employees in a state willing to work their butts off the new employer.

Of course,'short term' thinking is all we seem to get out of corporate executives, long term planning never seems to go beyond a few quarters at most.
Messy Hair Benowitch

Commack, NY

#24 Jan 12, 2012
Word is out that bonuses and raises will be cut this year. Sorry!
The Fixer

Euless, TX

#25 Jan 13, 2012
I haven't seen a bonus in probably 3 years, and raises have always been 'paltry' at best. It's great to be ranked a 1 in ALL areas of your review, but be told, "Sorry, out of ones and twos, all we have left are 3's."

So, am I suprised?

F' no.

United States

#26 Jan 18, 2012
They refused Buffet because he told the truth of how little tax the rich are paying, the industry hates him, for speaking out.

United States

#27 Jan 18, 2012
Sunny wrote:
They refused Buffet because he told the truth of how little tax the rich are paying, the industry hates him, for speaking out.
This is such an ignorant post! Really?

Erwin, NC

#28 Jan 24, 2012
if you ask me citi only looks out for the big dogs us peons don't matter to them when if it won't for us some of them wouldn't have a job.
The Fixer

Warren, NJ

#29 Jan 25, 2012
Yep, the word from on high was that the 'spend' bonuses and raises would be reduced by 15% from last year's 'spend'.

The rules given were, either a raise, or a bonus, but not both.

No raise shall exceed 3% maximum.

Reason to be given: Citi is unsure about the future and therefore is not in a position to reward you appropriately for your prior 12 months of efforts.


Past reasons: We don't have the money we have to do better before we can reward you. Executive compensation jumped 11% per annum those years.

After that it was: We're doing better but we need to do better for longer. Executive compensation jumped 15% per annum...

And now the new reason listed above... I wonder how much more the executives will reward themselves this year as opposed to last...
Senior Idiot with Cash

Commack, NY

#30 Jan 25, 2012
I think it's fair to say that most of the people who are marketable or just have some smarts have already left this cement pond. Those of us who have chosen to stay, will be here foreever or at least until Citi throws us out. Let's face it, we can't complain that we don't get raises or bonuses since most of us can't get another job elsewhere or are too stupid or too lazy to leave.In summary, shut up and stop complaining you useless fools.
why stay kept in the dark

Lackey, VA

#31 Jan 27, 2012
I think some employees do not know their worth. Citi should always compensate an employee who exceed their expectations and goals .

United States

#32 Feb 7, 2012
I wonder about more branch closings as well, heard from a third party that works for a branch manager outside of OneMain. The branch manager leaked that a letter was rec'd saying that more branches would be closing in our area. Nice way to hear about it. So managers have been informed but noone else??
Chicken little

Philadelphia, PA

#33 Feb 7, 2012
No way... I can't see that - not even dms knew till that day last time

Irving, TX

#34 Feb 11, 2012
I don't know about closings but I do know about moral and it is just awful. Someone leaves at least every other week. More work than you can do, crazy expectations of what you can complete in a day, and the always popular reminder of "compliance". I feel like big brother is watching and listening to everything with the OCC here and mandating things. But at least I did get that BIG 1% raise. Thank goodness because I can really use that extra 17 cents. PITIFUL

United States

#35 Mar 5, 2012
Anymore talk of branch closings?

United States

#36 Apr 7, 2012
Anything new?

United States

#37 May 8, 2012

Milledgeville, GA

#38 Jun 4, 2012

Burlington, NC

#39 Jun 4, 2012
After today's news of 77 branches closing, any news on what's next?
tired employee

Toledo, OH

#40 Jun 5, 2012
probably more closings when they figure out what they are going to do with the RE portfolio.

New York, NY

#41 Jun 8, 2012
Poor VT and Mass We will Miss You All :(

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