Comments on: Citi Group Has BIG Branding Challenges http://www.brandidentityguru.com/wordpress/2008/11/18/citi-group-has-big-branding-challenges/ Branding Opinions From Our Fearless Leader - Scott White Tue, 03 Jan 2012 05:40:07 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Richard Kohn http://www.brandidentityguru.com/wordpress/2008/11/18/citi-group-has-big-branding-challenges/comment-page-1/#comment-3981 Richard Kohn Tue, 18 Nov 2008 16:17:41 +0000 http://www.brandidentityguru.com/wordpress/?p=1096#comment-3981 Citi's actions in cutting such a large number of jobs without a clear brand message about their activities misses the point. Clearly, they were advised "do it now because everyone is so preoccupied with the crisis they will have forgotten about it in a few days" [except of course the unfortunate 52,000 people who are impacted] and blow the potential negative impact on the brand. As far as I know Citi never set itself up as a philanthropic organization. What would probably do their brand identify and image a lot of good is if it was made clear how many of the impacted employees are the derivatives and futures traders who got us into this mess and whether or not they will still be getting their bonus in 2008. The fact that the top 6 in the pyramid at Goldmann yesterday announced they will not be taking any bonus for 2008 will have had a massive lift in their brand equity - albeit that the cynics like me will be asking whether the other senior positions will still nonetheless take home a bonus that any normal person cannot earn in a lifetime. So whither Citi? Short term pain for long term gain - but we've said it all before: Bankers now sit somewhere below real estate agents and lawyers in the minds of the consumers and customers who use their services, so what if their reputation and brand is further sullied. Once the money starts rolling in again, they will be forgiven until the next time we enter this roundabout again. Citi’s actions in cutting such a large number of jobs without a clear brand message about their activities misses the point. Clearly, they were advised “do it now because everyone is so preoccupied with the crisis they will have forgotten about it in a few days” [except of course the unfortunate 52,000 people who are impacted] and blow the potential negative impact on the brand.

As far as I know Citi never set itself up as a philanthropic organization. What would probably do their brand identify and image a lot of good is if it was made clear how many of the impacted employees are the derivatives and futures traders who got us into this mess and whether or not they will still be getting their bonus in 2008.

The fact that the top 6 in the pyramid at Goldmann yesterday announced they will not be taking any bonus for 2008 will have had a massive lift in their brand equity – albeit that the cynics like me will be asking whether the other senior positions will still nonetheless take home a bonus that any normal person cannot earn in a lifetime.

So whither Citi? Short term pain for long term gain – but we’ve said it all before: Bankers now sit somewhere below real estate agents and lawyers in the minds of the consumers and customers who use their services, so what if their reputation and brand is further sullied. Once the money starts rolling in again, they will be forgiven until the next time we enter this roundabout again.

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