Morale at Citigroup is at an all time low. Bankers were told they might be laid off by a boss who lacks internal support are suffering from internal cost cutting measures. One example that sticks out: the custodial cleaning of the restrooms at Citi have been cutback, leaving them in a state that is less than desirable.
“It’s pretty bad on some floors,” a banker familiar with the matter said. “At least there’s still usually enough soap to last.”
Citigroup’s CEO, Vikram Pandit, now looks set to keep his post after weeks of internal struggle. He enjoys the support of several large outside investors. Even critics acknowledge that he is mostly suffering from problems that were not his making. Nonetheless, he has little support among the Citi employees and his attempts at “town hall meetings” have mostly backfired. Internally, they are seen as alienating both investors and insiders.
“That man has no charisma,” one Citi insider told us.
A feeling of resignation has set in, however, as bankers realised that Pandit was unlikely to lose his job. But as cutbacks set in, including a reduction in the schedule of cleaning restrooms, morale has continued to drop.
“If they get rid of the hand cleanser, I’m out of there,” a Citi employee said.