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Citigroup to Cut at Least 3,000 Jobs

More cuts? I thought this was over ...

Citigroup to Cut at Least 3,000 Jobs

As the ax continues to fall on Wall Street, Citigroup is drawing up plans to eliminate about 3,000 jobs, or 1 percent of its global work force.

Citi Network Welcomes Member #30,000

FYI,

message de Claus A. FRIIS

à la suite à un récent sondage sur Linkedin

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Citi Network Welcomes Member #30,000 and Presents Survey Findings

Dear Citi Network Member,

Today we hit yet another important milestone for the group. Tim Lumpkins joined us as our member number 30,000. Tim is based in St. Louis and has been with Citi since 1987. He is SVP and CTI Site Support Leader. Welcome to Tim!

Also, today we share the results from the recently completed member survey. Before getting into sharing the results, I want to thank the 1,713 members who took the time to respond to the survey.

Here is a brief summary of the key findings (link to full results:http://www.consultparagon.com/pdf/CitiSurvey.pdf ):

• Citi Network members are a very experienced group with on average 23.7 years of work experience of which 11.4 years have been at Citi. This is also reflected in seniority level as 80% are VP or above.
• A larger percentage than expected is no longer active in financial services, amounting to a total of 40% (including unemployed and retired). Of the respondents, 24% works for Citi, while another 14% works for other banks.
• Primary stated reason for being a member of the group is for find, connect and network with current and former colleagues at Citi.
• Only a small percentage uses the group for job search purposes. While 12% of respondents stated that they are currently unemployed, only 5% stated that they use the group for job search purposes.
• The group members are experienced LinkedIn users with the majority having used it for more than 2 years. Many use it almost daily, some even several times per day.
• The use of the Citi Network group was less frequent and many respondents were looking for group management to provide more input and guidance on how to use the group better.
• Vikram Pandit came out in the upper middle of the pack on CEO performance amongst peers. Standard Chartered CEO Peter Sands came out on top and RBS CEO Stephen Hester came out in the bottom.
• Top business priorities in banking were Regulatory Compliance, Cost Reductions and Customer Experience. This was consistent across the board.
• There was a strong interest indicated in making group membership more meaningful by having local gatherings and social events.
• Members are willing to participate in future surveys provided that frequency is less than monthly (quarterly/semi-annual seems to be favored). A few indicated that the survey was somewhat long, but on average members only took about 10 minutes to complete (once we found the joker that claimed it took 9999 minutes to complete).
• We also learned from the survey that the majority of members use their private e-mail address, i.e. an address that many use less frequently, as their LinkedIn e-mail. This is somewhat a barrier to effective and timely communication with members of Citi Network. Our recommendation is to have multiple e-mails on your LinkedIn account and that you assign your most frequently used e-mail address to the Citi Network group (you can do that if you go to group settings).

The main action for group management to take as a result of this is to provide better guidance and help on how to use the group and also on how to configure your use to fit your needs and preferences (you have several options). Over the next few months, we will send a brief e-mail every 2-3 weeks covering a specific topic on how you can make better and more suitable use of Citi Network.
We will also make sure to communicate the findings to Citi, particularly the feedback we received that is targeted at Citi. This includes feedback on local gatherings, reinstating the Quarter Century Club, the Citi Alumni Initiatives and Citi jobs for alumni.

Thanks again to all that participated and thereby contributed to taking the group to the next level!

Finally, best wishes to all for the holidays and a happy new year.

Claus
Citi Network Founder