Citigroup Inc. (or CITI) is an American multinational financial services corporation that is headquartered in Manhattan, New York City, New York in the United States. Citigroup was formed in 1998 from the biggest mergers in history with Citicorp, the largest banking group in America, and Travelers Group, an insurance company. The company provides the world with financial services expanding in 140 countries and employees about 260,000 staff worldwide holding over 200 million customer accounts. Before their booming financial crisis in 2008, Citi was the bank company in the world with 375,000 employees. As of today, Citigroup is ranked number 20 in the Fortune 500 list, becoming the largest bank in the world in 2012. Despite their huge losses during the global financial crisis and unethical standards (which is discussed later), employees can learn from their firm by seeking problems ahead of time and applying resolved solutions to our own lives. Identifying and understanding practices of the firm and their decision making greatly affects our lives, bad or good. This is a time for Human Resource Managers to come into play.
Citigroup Revamps HR
In Citigroup’s HR programs and policies, most things are done on an intranet including benefits enrollment, corporate recruiting, and on-the-job training. For the company, it became better, faster, and inexpensive. Michael Schlein, Citigroup’s senior vice president of global corporate affairs and human resources, came upon Citigroup’s Human Resources Department and resolved their problems by implementing this. Mr. Schlein found HR systems that were too expensive to manage and former Citicorp’s HR was only stationed at their corporate headquarters. Mr. Schlein observed Citigroup’s employees and staff and responded, “You had people second-guessing each other—classic tensions between corporate and businesses that breed distrust and finger-pointing. Something had to be done.” (Malhotra). Another problem Citi’s HR faced was that their employees that worked with each other were not advised into different practices in the workplace. To solve this problem, The HR department came with a perfect training program called E-learning. The training is developed on the employees’ desktop instead of flying off to a different office for sessions. This would save them money as Schlein implies. Citi’s training involves tutored-courses, coaching, and online-training.