Citigroup slashes promotions as it seeks to overhaul bank, FT reports
https://finance.yahoo.com/news/citigroup-slashes-promotions-seeks-overhaul-055332835.html?guccounter=1
6 replies (most recent on top)
Every year there have been 300 MD promotions. Will it still happen in 2025, yes! We will see email on our new managing directors shortly. Wrongs signal to all other worker bees.
Post ID: @kpi+1vGs2adD Re-leveling is a Corporate Doublespeak euphemism for Demoting so that the employees receive lower salary increases and bonuses, if they get anything at all. This is Corporate euphemisms in the same way Companies call Layoffs, Restructuring or Transformation. If it talks, walks and acts like a Snake, it's a Fvcken Snake. It's Layoffs and Demotions.
Managers have been told to assess staff and decide whether some should be moved to lower tiers, resulting in lower pay, said one person familiar with the matter.
Last week, Citi distributed a spreadsheet to upper managers listing and describing Citi’s standard roles and job level categories, the person said. Each of the 16 job categories has minimum and maximum salary levels. The person said re-levelling could happen as soon as early next year; the bank disputed the re-levelling plans.
Citi is adopting its more limited promotion plan at a time when job cuts have been slowing. At the end of last year, it promised to eliminate 20,000 positions from its 229,000 bank-wide staff as part of its largest reorganisation in years. Another 40,000 staffers could be shifted off Citi’s payroll with the planned initial public offering of its Mexican retail bank Banamex.
But after cutting 10,000 positions in the first half of the year, headcount was steady in Citi’s most recent quarter. The bank is not planning on doing another large round of lay-offs until next year at the earliest, according to multiple people.
In September, Citi’s chief financial officer Mark Mason cited regulatory scrutiny as one of the things holding back more aggressive job cuts.
Citi was fined an additional $136mn in June for failing to correct risk control and data management issues that go back to at least 2020, when a Citi staffer mistakenly sent $900mn to creditors of cosmetics company Revlon. It paid a fine of $400mn in 2021 for the same issue.
Mason said the bank’s regulators “wanted to ensure that we were allocating enough resources in order to deliver on the plan we had committed to”.
As a result, Citi has been forced to find other ways to cut costs, including a process called “re-levelling”.
Start looking for a new job
I dont even know what to do anymore, I just feel like a deer in the headlights, frozen from inaction. Getting fired sounds pleasing and that shouldnt be a normal feeling. I just feel numb going into work, unsure what tomorrow holds while my health fades away. Citibank managers squeezing all the hard work they can get out of their employees until they are a shell of what they used to be. Then start questioning your work effort when you are in a haze of health issues and burnout. Then the icing in the cake is demotion/no bonuses and "BE HAPPY YOU HAVE YOUR JOB"