Citibank: Performance Evaluation
I. Critical evaluation of Citibank performance evaluation form:
Citibank corporate strategy: focused on combining excellent customer service strategy along with relationship banking to build a profitable competitive franchise. Customers were offered the convenience of choosing the type of service delivery, whether personal or remote. But as high end customers become more and more valuable to the bank, their service expectations also went up. Increased service demands included broad array of financial products and careful personal attention. Thus improving customer satisfaction was realized to be of paramount importance for a successful future financial performance. President of Citibank California, Frits Seegers and top managers were dissatisfied with the past performance evaluation measures which mainly consisted of financial measures only. They took steps to improve the important competitive dimensions which they thought were critical to long term success of the franchise. Thus, California division chose to broaden its business vision by integrating non-financial measures to develop a Performance Scorecard which was implemented in 1996 and was a central management tool for evaluating strategy and evaluating performance.
Financial district Branch strategy: After joining Citibank James McGaran went through a series of quick promotions to become Manager of largest and toughest branch in the division within seven years. Despite a highly diverse demanding customer base and stiff competition in face of two competitors located at walking distance, James delivered outstanding financial records for four straight years in a row. Even with limited staff of 15 people branch revenues and profit margins were high. He successfully operated the most important, challenging branch amongst the 31 branches in the division and enjoyed a sense of accomplishment in his job. James is supervised by hands on area manager Lisa Johnson. Performance Evaluation Form: Performance
Citibank corporate strategy: focused on combining excellent customer service strategy along with relationship banking to build a profitable competitive franchise. Customers were offered the convenience of choosing the type of service delivery, whether personal or remote. But as high end customers become more and more valuable to the bank, their service expectations also went up. Increased service demands included broad array of financial products and careful personal attention. Thus improving customer satisfaction was realized to be of paramount importance for a successful future financial performance. President of Citibank California, Frits Seegers and top managers were dissatisfied with the past performance evaluation measures which mainly consisted of financial measures only. They took steps to improve the important competitive dimensions which they thought were critical to long term success of the franchise. Thus, California division chose to broaden its business vision by integrating non-financial measures to develop a Performance Scorecard which was implemented in 1996 and was a central management tool for evaluating strategy and evaluating performance.
Financial district Branch strategy: After joining Citibank James McGaran went through a series of quick promotions to become Manager of largest and toughest branch in the division within seven years. Despite a highly diverse demanding customer base and stiff competition in face of two competitors located at walking distance, James delivered outstanding financial records for four straight years in a row. Even with limited staff of 15 people branch revenues and profit margins were high. He successfully operated the most important, challenging branch amongst the 31 branches in the division and enjoyed a sense of accomplishment in his job. James is supervised by hands on area manager Lisa Johnson. Performance Evaluation Form: Performance