Can Senior management tell us why you keep individual contributors C15 who are newly transferred to new assignment who ha no background? They are newly transferred starters and less value than C13 but paid too high
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The same happens in the Risk Department all the time.
Recently, other employees were canned / Laidoff instead of a useless, glorified Secretary/AdminAssistant DEI Director who was transferred to CM's team instead of getting Laidoff.
Many qualified employees paid the price by getting Laidoff instead of this useless DEI Director.
There was / is No way Citi is going to Lay her off and risk a Lawsuit because it's 100% guaranteed she will play That CARD.
The same is true in other areas in the Risk Department.
Exactly ! The running joke both internally and externally is that Everyone is a VP in Citi, and Citi's VPs are the equivalent if GS', JPMC's, Morgan Stanley's and BofA's AVP / Associates / Analysts in terms of work projects, salaries and bonuses.
At Citi, VPs are infantilized. It's Not an apples to apples comparison.
If you're a VP at GS, JPMC, BofA, Barclays or Morgan Stanley and Insanely want a job in Citi, then apply for Director or MD jobs, NOT SVP or below.
Citi is an employer for the NON-ambitious employees.
You will get stuck in and stagnate as a VP/SVP for at least 5 years if not decades possibly into retirement if you're Gullible and Dvmb enough to want to remain in Citi.
Another poster said it: The Bootlickers, AS$lickers Svck and Lick @sses and boots because they know they're Not good at their jobs, have No marketable skills or knowledge or are Charlatans.
These are the employees that Citi chooses to keep, further adding fuel to the flame that will burn down the CitiHouse. LOL!
GS and JPMC generally recognise who the unskilled AS$ Lickers are and kick them out through Firings disguised as Layoffs, or outright direct Firings. Are GS and JPMC perfect at identifying and Laying Off / Firing the A$SLickers ?? NO ?? But they do a H3LL of a better job at it than Citi.
Even if Citi is aware of the who the Charlatans are, Citi still chooses to keep the employees who will Not help or improve Citi, and instead chooses to Layoff / Fire employees who have the skills and knowledge, and quite often the employees who are Not afraid to challenge wrong-doing, Citi's criminal activities, or the status quo.
Cronyism, Nepotism, Corruption and Patronage (see 3rd world Countries' Governments) only bring down Rome. Rome was Not built in one day, and Rome was Not destroyed in one day. But it was destroyed.
@cf I had a C14 who was the absolute best, a true leader and role model who knew her stuff, shared what she knew, mentored everyone. Even as a key person to so many ongoing and upcoming projects, she was let go. Meanwhile, two people who can never be found, can’t answer questions if they do appear, were kept. Makes no sense.
Let's go Os!!
You’re useless
Normally C15/C16 positions are used to hire/promote people. Prime example is that 300MDs were let go after reorg suggested by management consulting firm and in two months 300+ MDs were promoted. And not all of them were deserving MD promotion but they must have managed their managers well to get these promotions - so I guess they did have one good skill!
Don't worry, they will get hit with the 2026 layoff
@dh Many C15's and most non-revenue generating MD's are useless and a burden on the books. Earlier this year, someone at Citi realized this and got rid of a few useless MD's but it's been put on the backburner again
problem with a lot of VPs, especially ones that just became VPs, is that they just see the surface and don't even realize what they are missing which Directors and SVPs who survive do see...be it politics, the actual work, or emerging issues
Said @OP, who wants to stay below C14 forever.
there's certainly a trade off. Longer turned employees are more expensive to layoff. So we would book much larger repositioning charges. And mark probably has already guided towards 2025 expenses.. so we don't want to hurt short term targets.
we have medium term return targets to hit. I'm unclear how the street would react if mark and Jane went to the street and say we are going to jeopardize targets because we are going to incur large one time repositioning charges. Probably would signal we dont' have our house in order.
Money. It's cheaper to offer severance to someone making half the pay who has been here a shorter time. Old timers who have higher pay bands are too expensive to lay off.
My SVP is the best, the person is a very respected role model!!
Not really true all SVP/SVP+ - level IC are useless - some people have very broad experience. And let's be honest - Citi VP is more like Analyst / Associate at other major banks - at JP analyst + associate equals to total of 6 years, at Citi I have seen many becoming VPs after 3 years of service, starting from Analyst. Ridiculous... So yes, C14 can be a much better IC than a C13 at Citi...
It's cuz they are the butter and can flavor any old bread
@OP I assuming because they’re Indian and way cheaper..