-
Story 278
I cover Citigroup at an affiliate news agency in the UK focused on financial services. The Financial Times published an article today on [REDACTED] that raises two notable issues: questions about the rigor of Citi’s due diligence process and whether the firm should have been aware of prior workplace concerns surrounding his departure from JPMorgan. While some of those concerns had circulated in the market, they…
-
Story 277
I’ve spent more than twenty years on Wall Street, and what surprises me is not that inequities exist, but how persistent and deeply embedded they remain. For all the progress that’s been discussed—and occasionally celebrated—the day-to-day reality tells a different story. The industry still operates, in many ways, as a closed circle, where informal networks and longstanding dynamics shape who is heard, who is promoted, and…
-
Story 276
A Managing Director (generally considered to be well disposed toward the person in question) has asked whether the Head of Enterprise Risk and Balance Sheet Management at Citi’s USCC was the right person for the job. It is a fair question. Some months earlier, she had been introduced by the then Head of ERM as the Head of Risk Identification at the USPB unit. She looked…
-
Story 275
Re: Story 273 and 274. And we’ve now gone full circle. Of the 4 people that preceded the current Head of EDO, 3 were men and still employed at Citi. The one female was fired for allegedly refusing to lie to regulators. Oh f*ck … That looks a lot like retaliation doubled with discrimination in a business group where the Indian Mafia reigns supreme. Or does…
-
Story 274
Dear Story 273,You make excellent points about the churn in Citi’s Enterprise Data office. The dysfunction there runs long and deep. The firm was sued by a senior hire brought in from JPMorgan in 2021 to run governance for the program—I knew her, and she was both capable and effective. According to her lawsuit, she was fired by COO [REDACTED] after refusing to lie to regulators…
-
Story 273
In October 2024, one month into his role as Head of Enterprise Data Office and Data Transformation at Citi, [REDACTED] declared in a town hall that he would close out the data consent order in 12 months. To understand the weight of that 12-month promise, one has to look at the four years of wreckage that preceded it. Before him, the role had been held by…
-
Story 272
Thank you to Story 259 for testifying that even men think Citi is a professionally bankrupt environment. The baseless arrogance in this place is staggering — particularly given how little actual capability underlies it. When MDs were pushed out in the 2023 reorganization, some called the Big Four looking for positions and couldn’t be placed — because they had nothing of transferable value to offer. Years…
-
Story 271
To Story 266. You raise meritocracy as the standard. Agreed entirely. So let us apply it. For the first five years of Fraser’s tenure, the vast majority of her direct reports have been men. On your logic, one of two conclusions follows: either Citi employs the most talented concentration of male leadership in the history of financial services (doubtful in the context of Citi’s performance), or…
-
Story 270
You seem desperate to suck up to Jane whereas I’m not her slave. But, also, I didn’t criticize her in the least. I simply pointed out that her job is to also manage risk. Here’s the answer ChatGPT has. But by all means, come back at me again. I’ll be here all night. A diverse leadership team improves risk management in very practical, measurable ways—it changes…
-
Story 269
RE: Story 268 Fair enough but how would hiring more women into leadership roles or sponsoring them mitigate any of the risks indicated in your examples? You appear all over the place and are criticizing without rhyme and reason. Let’s cut Jane some slack. She has done a wonderful job which should be celebrated.