Story 267


Gentle reader, this author has observed many a spectacle in her time. Yet nothing — not the most brazen advancement seeker of no particular merit, not the most shameless title hunter — quite prepares one for the singular institution that is Citi.

For at Citi, no one will give you a job description. But if you pay attention, you will find one. It is The Meeting.

Not the meeting as a tool for alignment, decision-making, or progress. The meeting as the job itself. Thirty people in a room, most of whom have no business being there and nothing to contribute. One observes and one does not marvel for long.

The goal is to avoid solving the problem on the agenda — to circle the drain from the actual issue, to ensure that no one is ever clearly responsible for an outcome, and to generate enough collective presence that accountability cannot find a single person to land on.

That, dear reader, is the job done.

This author arrived believing competence would speak for itself. It does. That is exactly the problem. This place runs on willful blindness. Safety requires consensus. Carry an umbrella or get wet.

One was asked — directly, by someone who meant it as counsel — does one know what happens to people who put their hand up?

There is safety in numbers. Show up to the meeting. Rehash the same story. Keep your head down.

At Citi, the most gilded members of the Crab Bucket are the first to pull down any soul who dares to reach for the light. Their beribboned pincers will destroy the careers of anyone who tries to climb out.

This author’s sincerest advice — do not be counted among them. To refuse is the most elegant act of discernment one can undertake.

Until next time, gentle reader. This author shall be chronicling.

Similar Posts

  • Story 9

    At one point I was discussing with my line manager and HR to upgrade a role under me by hiring someone externally to replace an internal veteran. Given the long tenured contributions by the internal veteran, I want to be respectful and thoughtful to find her a role that would suit her. Instead HR was…

  • Editorial Comment

    As additional submissions continue to arrive, many reference senior leadership at major financial institutions, including the Chief Executive Officer of Citigroup, Jane Fraser. We want to clarify our editorial policy regarding the use of names on this site. As a rule, we do not publish the names of individuals referenced in submissions. Our purpose is…

  • Story 233

    Citi called it transformation. It fossilized in place. There was a reorganization. We were told it would put the right people in the right roles. Performance would be managed. This institution was serious about change. What happened instead is this: the people who had no business being in ERM technology stayed. People with no knowledge…

  • 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…

  • Story 18

    I’ve spent 30 years in the brokerage business; big fan of Sarah Butcher’s column. I’ve got three daughters. Change is overdue. I don’t think the younger generation is going to tolerate the double standards women face in this business, and frankly they shouldn’t have to. Those standards limit good people and hurt the industry as…

  • Story 336

    Dear Story 335, I, too, am a regular reader. It seems likely, from the breadth of stories, that Citi’s independent risk functions may be compromised. Similar concerns have been raised in the past about other institutions. For example, regulators found that a lack of independence of control functions contributed to the issues at Wells Fargo…