What day is the MD promotion released on?
7 replies (most recent on top)
Many people fall for the belief and trap that once they reach MD/D level, they're suddenly invincible and Hot Sh!t 💩 because of the financial gains.
In fact it's the opposite. You become perceived as too expensive and a Layoff target for future layoffs.
The expectations for high performance increases.
I've been a witness too many times to count the number of newly "promoted" MDs/Ds who, one to years later were "caught in the Layoff phase/wave".
Nice euphemism from Citi and other employers. It's more like they were pushed and chosen, and NOT simply strolled into or casually found themselves "luckily" "chosen" to participate in the Hunger Games to the De@th !
@kz Very insightful..success can be 2 edged sword. I was the reverse of this. 65 year old MD/C16 equivalent outside the bank and let go with the double whammy of COVID -- this got me interviewing like a 22 year old again -- 2000 resumes, 500 screening interviews, 100 interviews, 3 offers, I accepted Citi's (C14 a drop down just like you explained). I found Citi to be nice people, some quite effective, and a leadership system/people that looked like it was from another planet. I was able to create the best employee experience for others that I could, hang on for 2 years before retiring, but blessed to have a C15 boss who took a chance on a "fossil". Good insight from @kz
In $hitibank "Math" firing 300 MDs and then promoting 300 TO MD saves money. ROTFLMFAO !
This happens every year!
There are obviously financial benefits and positives to being promoted to MD. But then in the event you get Laidoff or Fired (which are NOT the same things), you become priced out of most jobs and it's that much more difficult to find a new job because employers perceive you as too expensive or having too high of expectations.
Or even if you're willing to take a step down to say, Director or SVP, the new employer will know you probably have one eye on the door and only accepting their job while you continue to interview and job hunt for a comparable MD or even Director job.
I know of several MDs/Ds who took several months if not years (2 to 6 years) to land their new jobs. Some simply retired and gave up after years of searching because they became kryptonite, untouchable and too expensive. Even being perceived as too expensive as a Director makes employers hesitant to hire you.
At some point if you're Laidoff or Fired, you become too young to retire, but too old to land a new job/employer.
Anyone in aml get promoted to directors???
So we have close to 300 new MDs. Meanwhile people that do the work have been hit by 2.5% of promotions down to 0.8%. Well done Citi!
Seems info for MDs was already posted, do we know when such for D lvl will be out?
Wednesday