Current Events > CITI raise CEO pay millions. firing 20000 jobs as worst quarter in 14 years

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WingsOfGood
02/26/24 12:04:02 PM
#1:


https://gamefaqs.gamespot.com/a/forum/d/df0f10b1.jpg

Citigroup raises CEO Jane Frasers 2023 pay by 6% to $26 million

https://www.cnbc.com/2024/02/20/citigroup-raises-ceo-jane-frasers-2023-pay-by-6percent-to-26-million.html

Citigroup increased Chief Executive Officer Jane Frasers compensation by about 6% to $26 million for 2023, the lender said in a filing on Tuesday.
Her pay was comprised of a base salary of $1.5 million, cash bonus of $3.7 million and $20.8 million in deferred performance-linked stock, according to the filing.

Frasers compensation was determined by her execution of the most consequential set of changes to its organizational and management model since the 2008 financial crisis and the sale of international businesses, the banks board wrote.


https://www.cnn.com/2024/01/12/investing/citigroup-layoffs-earnings/index.html

Citigroup will lay off 20,000 employees over the next two years, CFO Mark Mason said Friday. The reduction comes after the company reported a $1.8 billion net loss for the fourth quarter of 2023, its worst quarter in 15 years.
The bank expects the reduction in headcount to save $2.5 billion over the long-term.
The bank reported a huge earnings loss of $1.16 per share for the fourth quarter, far below estimates of a loss of 11 cents per share, according to FactSet.

Citi said there were several one-time costs that impacted its results. These included a $1.7 billion charge the bank had to pay related to the regional banking crisis last spring, an $880 million loss in Argentina and $800 million in restructuring costs associated with about 7000 layoffs in 2023.
These layoffs are part of Citi CEO Jane Frasers years-long effort to cut red tape at the company and boost lagging profits. Fraser called the results very disappointing on a call Friday morning, but said that 2024 would be a turning point year for the countrys third largest lender.
Whenever an industry or company goes through these types of reductions, its tough on morale, said Manson on a Friday morning call with reporters. With that said I would I would point to the fact that weve been very clear about the strategy of the firm and very clear about the momentum that we expect.
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Dakimakura
02/26/24 12:04:30 PM
#2:


What action is being taken?

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bnui_ransder
02/26/24 12:07:16 PM
#3:


Any lower positions with poor results and you get reduced pay or fired

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WingsOfGood
02/26/24 12:07:18 PM
#4:


Dakimakura posted...
What action is being taken?

what do you mean?

company had bad quarter so they layoff and give the CEO more money

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WingsOfGood
02/26/24 12:07:58 PM
#5:


comments I found

"the proper way to view this is that 20,000+ people in the middle class were participating in the economy, and now one person is stealing all that money for themselves. How fair."

"Its cheaper to give CEOs raises than it is to keep and give raises to employees. Those layoffs also mean that money they save from not paying people can be used as investment money or to pay off current debt, etc.
Its short term vision that has businesses and investors obsessed with make money NOW! NOW! That doesnt consider long term consequences."

no one wants to work!
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darkace77450
02/26/24 12:10:19 PM
#6:


WingsOfGood posted...
"the proper way to view this is that 20,000+ people in the middle class were participating in the economy, and now one person is stealing all that money for themselves. How fair."

She's stealing it for herself so she can trickle it down to the 20,000 people she just laid off.
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WingsOfGood
02/26/24 12:15:13 PM
#7:


darkace77450 posted...
She's stealing it for herself so she can trickle it down to the 20,000 people she just laid off.

how will she trickle it down to people who are laid off?
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darkace77450
02/26/24 12:16:54 PM
#8:


WingsOfGood posted...
how will she trickle it down to people who are laid off?

The same way she's trickling it down to everyone else. The same way they've been trickling it down since Saint Reagan convinced working class Americans that robbing the poor to give to the rich is in their best interests. I.e. she won't.
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Dakimakura
02/26/24 12:17:41 PM
#9:


WingsOfGood posted...
what do you


Action by the people to prevent things like this. Potential lawsuits against the corporation. Current employers becoming more motivated to move towards unionization. Protests.

Literally anything constitutes action which is what I meant.

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streamofthesky
02/26/24 12:19:51 PM
#10:


https://youtube.com/clip/UgkxPJ8FjjbQL-F53AVeLimvtofjYgyU65S0

Based Sinbad

https://youtu.be/_2BCxyFPIlA?t=1475

(24:35 - 25:18 if you prefer the full video link)
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WingsOfGood
02/26/24 12:29:03 PM
#11:


Dakimakura posted...
Action by the people to prevent things like this. Potential lawsuits against the corporation. Current employers becoming more motivated to move towards unionization. Protests.

Literally anything constitutes action which is what I meant.

I suppose it depends on if these people can find new jobs. If enough people get laid off and struggle then change may occur. If they just move on then probably just be status quo.
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HudGard
02/26/24 12:29:17 PM
#12:


how did she spin that in the board room lol

were taking record losses and I take full responsibility, I submit that we fire a large portion of our work force and give me a raise during this trying time

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JuanCarlos1
02/26/24 12:31:10 PM
#13:


Sounds about wall street.

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Amocat
02/26/24 12:32:17 PM
#14:


Worst quarter in 14 years the first person that needs to be fired is the CEO.

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WingsOfGood
02/26/24 12:33:29 PM
#15:


HudGard posted...
how did she spin that in the board room lol

were taking record losses and I take full responsibility, I submit that we fire a large portion of our work force and give me a raise during this trying time

umm no probably went more this way

board: PLEEEEEAAAASEEE fire people PLEASE!!!
CEO: ok
board: YES YOU GET A RAISE
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streamofthesky
02/26/24 12:36:55 PM
#16:


WingsOfGood posted...
umm no probably went more this way

board: PLEEEEEAAAASEEE fire people PLEASE!!!
CEO: ok
board: YES YOU GET A RAISE
You guys still don't get how it works?

She voted to raise the pay of the board members.
They voted to raise her pay.
These CEOs all sit on various boards and scratch each others' back.
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WingsOfGood
02/26/24 12:38:29 PM
#17:


streamofthesky posted...
You guys still don't get how it works?

board members want firing

https://www.marketwatch.com/story/hedge-fund-billionaire-google-owner-alphabet-needs-to-cut-more-than-12-000-overpaid-jobs-11674484497

Hedge-fund billionaire: Google owner Alphabet needs to cut more than 12,000 overpaid jobs

Hedge-fund billionaire Christopher Hohn has urged Alphabet to widen its job reduction actions to at least 20% of the company, saying 12,000 layoffs are not sufficient enough to reduce the tech giants cost base.
Hohn, the billionaire founder of activist hedge fund The Childrens Investment Fund Management, which holds a $6 billion stake in Google parent Alphabet GOOG, -3.75% GOOGL, -3.92%, wrote to CEO Sundar Pichai dated Jan. 20, outlining his concerns of the job cuts announced last week.
He said that Google staff are overpaid and the 12,000 layoffs, which equate to around 6% of Alphabets workforce, should be extended to at least 20%.
The 12,000 jobs is a step in the right direction, but it does not even reverse the very strong headcount growth of 2022. Ultimately management will need to go further, Hohn wrote.
He suggested that Alphabet cut its workforce to around 150,000, its total headcount at the end of 2021.

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opopopza
02/26/24 12:39:42 PM
#18:


Her pay was raised ~150K, not millions. Basically the salary of 1-2 people.

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ai123
02/26/24 12:42:08 PM
#19:


Shareholders love a CEO who will slash jobs. No wonder they voted for their pay rise.

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WingsOfGood
02/26/24 12:42:24 PM
#20:


opopopza posted...
Her pay was raised ~150K, not millions. Basically the salary of 1-2 people.

by about 6% to $26 million for 2023,

do math what is 6% of $20 million?
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Unsuprised_Pika
02/26/24 12:44:27 PM
#21:


It should be a capitol crime to layoff large numbers of employees but raise executive pay.

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opopopza
02/26/24 12:44:38 PM
#22:


WingsOfGood posted...
do math what is 6% of $20 million?
Bro, I can't even do my taxes why you gotta call me out like that.

Sorry, I misread it as $2.6 million. Carry on.

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Can you say David Hasselhoff?
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ScazarMeltex
02/26/24 12:45:14 PM
#23:


Maybe this is bad and we shouldn't allow companies to do shit like this.

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solosnake
02/26/24 12:46:53 PM
#24:


Why did the french revolution happen?

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WingsOfGood
02/26/24 12:46:56 PM
#25:


opopopza posted...
Bro, I can't even do my taxes why you gotta call me out like that.

Sorry, I misread it as $2.6 million. Carry on.

no problem, to err is human

those who can admit they made a mistake instead of lash out and double down I see as the best kind of people

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Squall28
02/26/24 12:52:30 PM
#26:


No profession gets rewarded more for failure than executives

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IceCreamOnStero
02/26/24 12:55:07 PM
#27:


Remember, when any profiting enterprise tells you they just couldn't afford to pay their workers fairly, its complete bullshit.

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Torgo
02/26/24 12:55:11 PM
#28:


"Capitalism works because it operates on meritocracy."


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#29
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WingsOfGood
02/26/24 12:58:40 PM
#30:


Torgo posted...
"Capitalism works because it operates on meritocracy."

LOL
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Jiek_Fafn
02/26/24 1:00:48 PM
#31:


Whenever I cause a huge problem at work, I don't get rewarded. That time I accidently wrote on the white board with permanent marker and then spent the next three days using paint to cover up the penises that I drew, everyone got so mad at.

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bnui_ransder
02/26/24 1:01:31 PM
#32:


Same thing happened with Bungie too, all the bad decisions made at upper management so fire the workers

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darkace77450
02/26/24 1:02:57 PM
#33:


bnui_ransder posted...
Same thing happened with Bungie too, all the bad decisions made at upper management so fire the workers

This isn't limited to struggling companies. Bobby Kotick once laid off 800 employees in a year where Activision/Blizzard posted record profits.
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boomgetchopped3
02/26/24 1:07:23 PM
#34:


Pretty fucking gross.

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SpawnShadow
02/26/24 1:08:26 PM
#35:


Dakimakura posted...
What action is being taken?
You mean, besides the execs and shareholders sipping champagne and laughing?
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Chadawah
02/26/24 1:09:11 PM
#36:


Is there a way to see other salaries of CEOs? I'm curious what kind of raise the one of the company I work for got after our terrible raise.

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WingsOfGood
02/26/24 1:09:18 PM
#37:


Jiek_Fafn posted...
Whenever I cause a huge problem at work, I don't get rewarded. That time I accidently wrote on the white board with permanent marker and then spent the next three days using paint to cover up the penises that I drew, everyone got so mad at.

they should have been thankful
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WingsOfGood
02/26/24 1:09:44 PM
#38:


Chadawah posted...
Is there a way to see other salaries of CEOs? I'm curious what kind of raise the one of the company I work for got after our terrible raise.

google their name and it will likely come up
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ai123
02/26/24 1:10:57 PM
#39:


What's the share price doing over time?

That's how CEOs are judged by shareholders. If it's going up, they are doing a good job in their eyes.

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darkace77450
02/26/24 1:11:37 PM
#40:


Chadawah posted...
Is there a way to see other salaries of CEOs? I'm curious what kind of raise the one of the company I work for got after our terrible raise.

If it's a publicly traded company the CEO's salary should be available on the SEC's website.
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streamofthesky
02/26/24 1:25:26 PM
#41:


[LFAQs-redacted-quote]

There are still people out there that actually think corporate America will get better once more women are in those positions.
Like greed is gendered, lol
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MrDrMan
02/26/24 1:38:21 PM
#42:


Casual Monday in America.

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#43
Post #43 was unavailable or deleted.
SauI_Goodman
02/26/24 2:04:32 PM
#44:


"Here's my strategy for the better of the company: 6% pay raise."

Idiot ceos continue to think layoffs= revenue. It's too bad the stupidest people seem to be in charge all too often.

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Chadawah
02/26/24 2:08:45 PM
#45:


I'm just going to have to adjust how much work I accomplish, and the quality of that work.

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WingsOfGood
02/26/24 2:10:18 PM
#46:


[LFAQs-redacted-quote]


filing came just Tuesday and performance discussions usually happen around end of the year to January the next year
so my guess is they already knew of the poor performance before they gave the raise
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