One fixed income headhunter summarizes the recent round as follows: "People at JPMorgan are happy; people at Goldman Sachs are feeling like it's been a hard year and they're lucky to have their jobs; people at Morgan Stanley are moody; people at Citi are feeling insecure and have seen a big drop in compensation." As Citi cuts costs, it's people there who are most willing to move, he says.
https://www.efinancialcareers.com/news/bonuses-at-american-banks
@gcy+1qIpj1Qr So true. Even the slightest infractions call for escalation up-to your MD. As an outsider from another firm, the behavior is shocking. Also don’t even attempt to question these actions. Even that will come with a form of punishment.
Gee…go figure
Its by design though. Citi will be working very very hard to run off tenured staff in order to NOT have to payout the severance. Its a page from the HR lay people off in 100 easy steps playbook. Again, the tools leveraged will be fear and shorter deadlines. At some juncture, every company uses fear to either make people step in line or run them off but at Citi, its the main component at which its management foundation is built.
You come into the door on day one buried in warnings of “work like this….or else”.
Everything is urgent, every email is flagged as important, every year deadlines are shortened for no reason mind you as most often times its just to see if it can be done, meetings per day are increased and are all mandatory, return to office is mandatory so you can come into work to join zoom sessions….on and on….all of this feeds into “just work longer per day everyday”….all of this is by design.
So you either crack and leave or stay and be miserable every day you come into work.