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Well at least Citizens Bank NA is keeping its corporate headquarters in Providence and not fleeing to some big name, expensive city so count your blessings on this one.
Well at least Citizens Bank NA is keeping its corporate headquarters in Providence and not fleeing to some big name, expensive city so count your blessings on this one.
Yeah, I agree. Apparently Citizens never considered leaving Rhode Island, and apart from a couple of highway ramps, there was no ugly shakedown by Citizens -- I don't think they even bothered to ask for corporate welfare from the state. I may be wrong about certain other incentives, but, still, not so bad.
Quote:
Originally Posted by ormari
It's a shame the Paolino driven rumors that Citizens Bank would move to the Industrial Trust Tower went nowhere.
Downtown, let alone the tower, wasn't even in the running -- wasn't even considered, say colleagues in the bank. Like Amica, FM Global, Fidelity and others, the allure of verdant fields and an expandable footprint (to say nothing of avoiding those pesky minorities) proved to intoxicating. I find it noteworthy that Quonset, Fidelity, Amica, FM Global and, soon, Citizens, will occupy places where there are no sidewalks, no streetlights, and, of course, few, if any, public transportation options.
Downtown, let alone the tower, wasn't even in the running -- wasn't even considered, say colleagues in the bank. Like Amica, FM Global, Fidelity and others, the allure of verdant fields and an expandable footprint (to say nothing of avoiding those pesky minorities) proved to intoxicating. I find it noteworthy that Quonset, Fidelity, Amica, FM Global and, soon, Citizens, will occupy places where there are no sidewalks, no streetlights, and, of course, few, if any, public transportation options.
I'm sure these locations were calculated decisions based on efficiency, operating costs, ability to serve their clients, and accessibility to current/prospective employees.
I'm sure these locations were calculated decisions based on efficiency, operating costs, ability to serve their clients, and accessibility to current/prospective employees.
Yeah, got to be -- that's the ticket! After all, what could be more centrally located to Citizens' Providence-Boston corridor corporate operations and clients than... Johnston! It has an Acela stop, has terrifically handy commuter rail to Boston and is one of the "top three" cities in New England.
Quote:
Originally Posted by PBN
The General Accounting Office estimated racial minorities comprised 10 percent of all banking executive and senior level officers and managers nationwide in 2008, the most recent data available.
In Rhode Island, 2 percent of senior positions in the industry are held by racial and ethnic minorities, which drops to zero percent at C-suite roles. There are currently no female minorities represented in senior or C-suite positions.
Old White Men. God bless them, they do seem to be in inexhaustible supply. Where do they live? In suburbs. Who do Old White Men affiliate with politically and interact with socially? Other Old White Men. Citizens has an appalling record in diversity, but it simply reflects their current corporate culture, which of course is one shaped by and in the service of... other Old White Men. Time cures such matters.
Still, I'm very glad they were decent people and didn't try to wring every damned dime from the state in order to grace us with their presence. I don't think they are evil, in fact I think the company has terrific potential, now freed from RBS, and perhaps as management gets their sea legs as an independent entity, they'll leave the 19th century and join us here in... heck, what the hell century are we in, anyway?
Yeah, got to be -- that's the ticket! After all, what could be more centrally located to Citizens' Providence-Boston corridor corporate operations and clients than... Johnston! It has an Acela stop, has terrifically handy commuter rail to Boston and is one of the "top three" cities in New England.
Old White Men. God bless them, they do seem to be in inexhaustible supply. Where do they live? In suburbs. Who do Old White Men affiliate with politically and interact with socially? Other Old White Men. Citizens has an appalling record in diversity, but it simply reflects their current corporate culture, which of course is one shaped by and in the service of... other Old White Men. Time cures such matters.
Still, I'm very glad they were decent people and didn't try to wring every damned dime from the state in order to grace us with their presence. I don't think they are evil, in fact I think the company has terrific potential, now freed from RBS, and perhaps as management gets their sea legs as an independent entity, they'll leave the 19th century and join us here in... heck, what the hell century are we in, anyway?
I'm not gonna pretend I know all the factors that led to their relocation decision. They would not be where they are today by regularly making unwise business decisions. And saying that, I was briefly a Citizen's customer (not by choice); and was not impressed with them. But, you cannot say they aren't one of Rhode Island's great success stories.
To claim racism is ridiculous. Their business success demonstrates they have hired wisely over the years, and it is a smart business decision to locate where they are accessible to their employees. I would be very surprised if many of their corporate staff rely on "Acela" or the wonderful MBTA (or RIPTA) for commuting. Johnston IS actually very central to their empire, which is concentrated in RI/MA but extends from NH to MI. It is close to Providence, yet offers less congestion and convenient highway access to the rest of S NE. The truth is, that the majority of white collar professionals live in and will continue to live in the suburbs. Why would am institution like Citizens ignore that reality just to make some sort of point of being more "inclusive" or whatever term you want to use? Not to mention, the suburbs are becoming increasingly diverse. Less so in RI, but becoming more and more so still. The majority of America lives in suburbia. Have you been to the burbs lately? It ain't "Leave it to Beaver" anymore...
Yeah, I agree. Apparently Citizens never considered leaving Rhode Island, and apart from a couple of highway ramps, there was no ugly shakedown by Citizens -- I don't think they even bothered to ask for corporate welfare from the state. I may be wrong about certain other incentives, but, still, not so bad.
Downtown, let alone the tower, wasn't even in the running -- wasn't even considered, say colleagues in the bank. Like Amica, FM Global, Fidelity and others, the allure of verdant fields and an expandable footprint (to say nothing of avoiding those pesky minorities) proved to intoxicating. I find it noteworthy that Quonset, Fidelity, Amica, FM Global and, soon, Citizens, will occupy places where there are no sidewalks, no streetlights, and, of course, few, if any, public transportation options.
And that last part is a real big problem. I have to believe RIPTA will make a new route for the campus; otherwise some of my non-driving colleagues will be forced to quit.
The Industrial Trust building was never a serious contender because of how much money it would cost to rehab it and bring it into the 21st century. How many workers could that place hold, I wonder?
(And Quonset is a place; it never moved to avoid public transportation or minorities!)
I would be very surprised if many of their corporate staff rely on "Acela" or the wonderful MBTA (or RIPTA) for commuting. Johnston IS actually very central to their empire, which is concentrated in RI/MA but extends from NH to MI. It is close to Providence, yet offers less congestion and convenient highway access to the rest of S NE..
Actually, their internal study revealed that most people will be adding 10 to 15 minutes to their commute.
Executive offices will still be downtown, and yes those people use the train. This location replaces Tripps Lane, Sockanosset Crossing, JB East and West, and Smithfield. Think of
Cranston as the heart of those workers. It would help if the Rte 10 to Rte 6 transition were easier
The tradeoff is centralization and much better facilities. Not to mention (hopefully!) roofs that don't leak and heat that actually works!
But public transportation is a major concern for employees; even people who like to drive sometimes have car repairs that force then to take a bus, or other extenuating circumstances. I have a colleague who has always taken the bus to work, and doesn't know what her future holds. Hopefully, there will be a company shuttle bus in the future, like what you see from the Wellington station in Everett. People are a little nervous that this place might be too isolated - but still excited to see what it will bring.
To claim racism is ridiculous. Their business success demonstrates they have hired wisely over the years...
Depends on how you define "wisely." You say you had an unsatisfactory relationship with Citizens -- you stated you were "not impressed." So, you assert they hired "wisely," yet your experience was negative. Did they hire wisely? Did they hire the right mix of people, with the right skills, both industrial and social?
Please again review that data I posted earlier so we can close the circle on this point:
Quote:
Originally Posted by Alfie
United States: 63.7% White
Non-Whites holding senior staff in banking nationally: 10%
Rhode Island: 85.6% White
Non-Whites holding senior staff positions in banking in RI: 2%
My my my! When compared to its industry, Citizens really flunks the diversity test, huh? Only 20% of the national average for non-Whites in C-levels. That's pretty shocking.
On a macro level, most companies have long known that diversity in the workplace is good for business, and have actively tried to bring balance to their organizations by recruiting from as large a pool of skills and abilities as they can. I could Google it but off the top, I can see (apart from being the right thing to do) a lot of benefits:
1. Non-Whites (as in Latinos and international people) bring language skills beyond English. As this nation rapidly becomes less White, knowing Spanish, or Urdu or French or Mandarin or Vietnamese not only helps build language bridges with existing customers, it also encourages even more non-English speakers to do business with a company that has a multilingual and multicultural workforce.
2. Widening and focusing on a broader pool of talent means a better hire because there's greater choice in more candidates.
3. Companies that actively promote a multicultural workforce typically are more employee/family friendly, and they have to be because of the variety of social customs and work ethic of an inclusive, representative pool of employees.
3a. Fact is, America in aggregate, is far less White and mono-cultural:
o 87.7% of Americans identified as being White in 1970
o Today it is about 63.7%.
o By 2050, the US Census Bureau projects Whites will constitute less than 50% of the American population.
4. The rise of minorities into C-level offices means, or likely means, that corporate culture will also evolve. And that's great news as, in my experience and in my studies, the business culture promoted by the likes of Jack Welch @ GE, Jamie Dimon at JPMorgan Chase, Thomas Moynihan at BoA and Lloyd Blankfein at Goldman worked well, very well: for them and their fellow Old White Men society. That culture cannot survive collision with demographic changes that are underway and cannot be stopped, nor does it comport with changing expectations and aspirations of both non-Whites and younger Whites.
So we better start building business leaders who aren't old White males if we hope to keep the country progressing.
5. A diverse workforce is more agile than a non-diverse one in a global economy.
6. Whites are also an aging race in America, aging faster than Blacks, Asians and Latinos. And with a die-of rate accelerating as the Boomers go to brie and cheese parties in the sky, the Old White Men will need replacements.
Citizens cut the cord with RBS just months ago, and RBS was a micro-managing, bloodsucking outfit which starved Citizens of profits and took those profits back to Scotland. Indeed, as example, Citizens has the oldest base of ATMs of any comparable bank by far. Why? RBS didn't want to invest. But it's a new day for Citizens and maybe they will improve their diversity (and their bottom line for so doing).
Quote:
Originally Posted by MN71
... and it is a smart business decision to locate where they are accessible to their employees. I would be very surprised if many of their corporate staff rely on "Acela" or the wonderful MBTA (or RIPTA) for commuting. Johnston IS actually very central to their empire, which is concentrated in RI/MA but extends from NH to MI. It is close to Providence, yet offers less congestion and convenient highway access to the rest of S NE. The truth is, that the majority of white collar professionals live in and will continue to live in the suburbs. Why would am institution like Citizens ignore that reality just to make some sort of point of being more "inclusive" or whatever term you want to use? Not to mention, the suburbs are becoming increasingly diverse. Less so in RI, but becoming more and more so still. The majority of America lives in suburbia. Have you been to the burbs lately? It ain't "Leave it to Beaver" anymore...
it's a microcosm of the USA.
Today, you would be largely on dead center correct in your claims, most of them. But sagacious leaders don't chart their company's future for five or ten years out, they plan fifty years out, as best as can be planned. Fewer Americans drive today than ten years ago, and many non-Whites live in cities and also often do not own a car, many because they have no need for one. Cities, including this old PVD from 1636, are resurging and will continue to draw more educated people with great skills. Smarter companies are moving back, as GE did in moving from Westchester to Boston. And yes, I've been the burbs and they are dying, they are gray, unwalkable, unspeakably barren and in a freefall, population-wise. Suburbs were a mistake; cites are what makes the world turn and advance.
Wow! Long post Didn't intend it to be but it is a complicated subject. Citizens made a short to medium term mistake, but that, too, can be changed in coming decades. That they should have moved to PVD is apparent to many, and will, in time, become apparent to them.
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) for commuting. Johnston IS actually very central to their empire, which is concentrated in RI/MA but extends from NH to MI. It is close to Providence, yet offers less congestion and convenient highway access to the rest of S NE. The truth is, that the majority of white collar professionals live in and will continue to live in the suburbs. Why would am institution like Citizens ignore that reality just to make some sort of point of being more "inclusive" or whatever term you want to use? Not to mention, the suburbs are becoming increasingly diverse. Less so in RI, but becoming more and more so still. The majority of America lives in suburbia. Have you been to the burbs lately? It ain't "Leave it to Beaver" anymore...
