citifinancial layoffs
Agree

Columbus, OH

#3988 Dec 9, 2010
How many of us sat in a loan closing knowing darn well the customer had absolutely no chance of affording the loan ? How many people really honestly knew about & accepted the auto plan ? How many 10k & 15k tags did you do on a 40k home that already had a 50k mortgage on it? How many of us made income up? Absolutely no better than beneficial, in regards to consumer loans, worse than bene, nice rewards, nice bonuses, & now you whine because the inevitable happened? We are so bad, nobody even wants to purchase us, the name change is a smoke screen to screw more idiots until we shut down completely, please prepare , & don't act like u are really suprised about it!?
willBfine

United States

#3989 Dec 9, 2010
gemma wrote:
Willbfine, are you kidding?? Citigroup is a powerhouse. Citifinancial, aka, a predatory lender, gave citigroup a bad name. That's why vikram made us do the name change. He wants total separation from us.
LOL!! Oh my, where to begin? Let's go back to November of 2007 with Chuck and the gang. Gosh...all that money down the tube. Let's see where did it go? Oh...yes, I remember now. Gary Crittenton raked in a 14m dollar bonus while our stocks and 401k sank like an anchor. Sallie Krawcheck raked in huge bonus, I think it was over 2m...along with Chuck who got millions.

Now, while Chuck the CEO and Gary the CFO were rolling in big bucks...they never gave one hint that the company was in trouble.
Until it all hit the fan when the market started to crash, but by then they had already deposited their bonuses.
People forget about the CFO Crittenton. Do you know that he was the CFO at Sears & Roebuck when they almost went under?
Things just kept popping up one after the other with Citigroup. Customer's didn't trust the Citi name. So yeah, Citigroup did give Citifinancial a bad name.
I mean come on

Freeport, ME

#3990 Dec 10, 2010
Still at Citi wrote:
So all you critics who dislike your job and dislike the name...why don't you come up with a better name and let us know what it would be. Because certainly Commercial Credit was ridiculous since we clearly didn't do commercial lending and CitiFinancial was lame since it just became Citi anything and had no imagination. Now the company is trying to rebrand and make a name for itself and all you want to do is bash it. Imagine the suprise of the employees of a small computer company years ago when they came out and announced our name is going to be "Apple". I am sure everyone looked around like this is wacked. Whose laughing now? Surely most Americans have heard of Apple and also know the logo.
So, it may not seem like a good name to you now or relevant but the focus groups must have thought differently.
So bring on your names that would be superior to what was chosen...I am sure we would all love to hear how creative and brilliant you really are.
First off there were about 4 employees working out of Steve Wozniaks parents garage when they came up with the name Appple and they wre all involved in its creation. They were at the very begining of life in their business cycle. The name was familiar, simplistic and allowed them to stand out from thier competitors(i.e. the DOS driven altair 500). Also take note that the company(Apple) was managed over the years in such a way that a name change would never, and has never been required or desirable. A 100 year old company with a supposed great reputation in the community, like Citifinancial tries to portray itself to have, should also never have to change its name unless it is in the most dire circumstances. By instituting the change they are admiting the true public view of the company (probably derived thorugh those same focus groups) and are compelled to change it and throw away 10 years of marketing and brand recognition. The new name will not be a selling point to potential buyers, So why spend millions to conceve and implement it? Why not just allow the purchasing company dictate the new brand once the sale is finalized? Hmm......
In regards to the focus groups, I wonder if the marketing research company that conducted the focus groups is the same one that came up with the brilliant ESC idea or the grow the portfolio at all cost, book now, charge-off later X-Sell system. How are those inititives going anyway? Change is good in some situations when it is implemented for proactive reasons. All of the changes at Citifi in the last 10 years have been reactive, a by-product of a company at the end of its business cycle willing to try anything to survive, or at least stay afloat long enough to dupe some due-dilligence lacking prospect into a purchase.
former

Rochester, MI

#3991 Dec 10, 2010
A lot of the people who came up with the ideas are gone and have formed another company. I believe they saw the writing on the wall. They made enough to move on and leave the others to ..........fail.
Dumponmenomore

Memphis, TN

#3992 Dec 10, 2010
I hate my job so much. Citicrapancial, I guess I'll get fired now. Oh I forgot, they can't fire me because I quit already.
What the hell

Towson, MD

#3993 Dec 10, 2010
I mean come on wrote:
<quoted text>
First off there were about 4 employees working out of Steve Wozniaks parents garage when they came up with the name Appple and they wre all involved in its creation. They were at the very begining of life in their business cycle. The name was familiar, simplistic and allowed them to stand out from thier competitors(i.e. the DOS driven altair 500). Also take note that the company(Apple) was managed over the years in such a way that a name change would never, and has never been required or desirable. A 100 year old company with a supposed great reputation in the community, like Citifinancial tries to portray itself to have, should also never have to change its name unless it is in the most dire circumstances. By instituting the change they are admiting the true public view of the company (probably derived thorugh those same focus groups) and are compelled to change it and throw away 10 years of marketing and brand recognition. The new name will not be a selling point to potential buyers, So why spend millions to conceve and implement it? Why not just allow the purchasing company dictate the new brand once the sale is finalized? Hmm......
In regards to the focus groups, I wonder if the marketing research company that conducted the focus groups is the same one that came up with the brilliant ESC idea or the grow the portfolio at all cost, book now, charge-off later X-Sell system. How are those inititives going anyway? Change is good in some situations when it is implemented for proactive reasons. All of the changes at Citifi in the last 10 years have been reactive, a by-product of a company at the end of its business cycle willing to try anything to survive, or at least stay afloat long enough to dupe some due-dilligence lacking prospect into a purchase.
What a load of crap. You are just spewing wikipedia info and were totally dismissing the point. Bottom line is a name change is needed if the company is trying to separate from CitiGroup it makes sense not to be Citi anything. Do you now want to tell us how Starbucks has anything to do with coffee but we all know that name or did the founding family have that name in tact also! The name isn't meant to be a selling point? Who the hell would buy a company because of a name... Really-are you that shallow. You seem to have some semblence of intelligence so I can't for the life of me figure out what the hell you point you are trying to make!
whatever

Rochester, MI

#3994 Dec 10, 2010
If your so righteous call yourself High Rate Financial. Vikram wants out of predatory lending, tell me thats not what you do. Force refinances down customers throats and tell them it's good for them and you add on a lot of interest and fee for processing. Oh and you also load up the insurance and say its ok because of customer first. Collections violate all laws and always have. Citi doesnt want there name on the product and hopes to sell off. Move it to Saudia Arabia and move Baltimore with it.
I mean come on

Freeport, ME

#3995 Dec 11, 2010
Well the fact that I got such a harsh response from Baltimore the 'Mother Country' shows how on point and relevent the comment was. Thanks for the response comrade! The point was you people in Upper Management need to stop blowing constant smoke up the [email protected]# of your employees. But as it is certain to continue, at least come up with an intelligent way to do it.. Comparing Apple to One main financial is just ridiculous, I mean come on, even us wikipedia educated people can see all the holes in that analogy.

P.S. The company press release states the name change was implemented 'under a plan to prepare the unit for sale'. It is right there on Bloomberg, WSJ etc....
jjbyebye

Austell, GA

#3997 Dec 15, 2010
It's all funny. You cowards are getting what you deserve.
Agree

Columbus, OH

#3998 Dec 15, 2010
Dumponmenomore wrote:
I hate my job so much. Citicrapancial, I guess I'll get fired now. Oh I forgot, they can't fire me because I quit already.

Just an FYI everyone, this same post was made on the American General website, same name & all. Obvious this person never worked at either place, or worked at both & could not meet minimum standards at either. Should be absolutely ashamed to live a life such as this, has to be a ditch that needs dug somewhere? Complete LOSER!!
Moved on

Orange, CA

#3999 Dec 17, 2010
I've monitored this board for several months. It seems that I mostly see sniping between people who hate it at Citifinancial and the whole "be happy you have a job and quit your whining" army. I was let go from Citi about 1 1/2 years ago after working very hard and routinely meeting monthly targets. Despite all of that, I was never given a raise and only received the occasional bonus on my really good months. When I was let go, I wasn't even told. I had to find out by noticing that my accrued vacation was cashed out on my paycheck. When I brought it up with my DM, he said at first he didn't know why.(He knew exactly why. Very passive-aggressive like much of the upper management there) Then he said they were letting me go because I had a bad month in October '08 that I was written up for. I closed 9 loans that month and I believe the company average was in the 7's. It was a ridiculous situation. After 11 months of unemployment, I finally found a new and better job. It wasn't until then that I realized how close-minded the upper management is at Citi. Where I am now, I feel as if I am a valued employee and my opinions and ideas are considered important. That was never the case at Citi. For all those still there, good luck in everything that is happening. For those of you who want everybody to "stop their whining", realize that just because you have a job doesn't mean you have to like it. I didn't like it there, but I still worked hard and made the best of it. Something tells me that most of the people who write stuff like that are trying as hard as they can to make themselves feel better and justify not getting out when the job market was better.
unknown

United States

#4000 Dec 18, 2010
Amen to last comment.
From VA

Norfolk, VA

#4001 Dec 19, 2010
I do feel bad with so many people losing there jobs.I have been with Citifinancial for several years.. I work with a great bunch of people... there family to me .. I am so grateful for each and every day.. for my job..and the oppurtunity to still be there.. I think positive and dont harp on the negative things ...Life is alot better with kindness and positivity... even tho I havn't been laid off ... my husband was so I have been in your shoes...no matter what company you work for it happens..!!!!
LOL

United States

#4003 Dec 29, 2010
:)
Whets up

Pflugerville, TX

#4004 Dec 30, 2010
Wimps no one has nothing to say
yea whets up too

United States

#4005 Dec 31, 2010
Whets up wrote:
Wimps no one has nothing to say
What's the latest?
gemma

Norristown, PA

#4006 Dec 31, 2010
It's NYE and I'm working a full flippin day here at shittyfinancial....that's "whets up"
From VA

Norfolk, VA

#4007 Jan 1, 2011
** Always be grateful.... some people are without jobs....be kind , positive and 2011 will be a good year ...
gemma

United States

#4008 Jan 4, 2011
Stfu
Sip King

Sault Sainte Marie, Canada

#4009 Jan 5, 2011
What is he new name of Citifinancial ?

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