New to Citi - this is my first full year bonus season. I always thought large US banks pay similar bonuses across functions, but it seems like Citi has lower bonuses - is that the case? Can other people with experience outside Citi confirm or deny?
18 replies (most recent on top)
Bonus was significantly less than even the low end at prior orgs spanning small to large in size comparatively.
@dwv+1qFBSUS4, I think JP pays well. They're just crazy and work you to death. They don't expect you to have a piece of life. People there are escaping there. JP Morgan People ran to Wells Fargo and Wells doesn't pay well.
@eoy+1qFBSUS4
That's not exactly true. A 60% increase was obviously hard to get but was not unheard of, even during the pandemic. This person thus went from somewhere around $90,000 to $145,000 -- and could still have been VP at Citi. That said, they were definitely on the low end at JPM.
Risk here with a bonus that is 20% of my base amount. Not in love with it, but think I did ok.
Too many people having tunnel vision on bonus. What matters is your total comp. You may have had a higher bonus % somewhere else, but what is your total comp at Citi and what was at your previous employer?
Same type of folks who go into a car dealership and only focus on what the monthly payment is. All you SHOULD be thinking about is, when the car is paid off, what did it cost me. Be smarter, people.
All companies do reorg and layoffs, some every single year. Employees may end up working in one Sh!!t Hole after another with each one either worse or in the same dysfunctional shape as the other. The Only thing Employers can change or improve for the Employees is Money or Numbers, And maybe also health benefits and fringe benefits (more vacation days, better health insurance, day care for children, company car, etc.). So in other words, the only thing better at your next Employers' is the Higher Salary and Bonus, Until they're Not.
@eoy+1qFBSUS4 believe it or not, I don’t think JPM pays well hence so many people took roles at Citi (and probably some other firms) to get base increase
Post ID: @pjy+1qFBSUS4 : not sure how that happened for people below MD. I joined Citi from a company, where I was top of the band in terms of pay (also top in the industry) and could not get more than 25% bump - the simple reason being that I would have jumped in the next level / band ... So if what you are saying is true, and you have been, say a VP at JP, with 60% bump you would have entered the Director's band at Citi, but you are saying you did not get a promotion. So I do not believe it tbh...
@psu+1qFBSUS4 Not really, i have always had high ratings and got promoted 2 times at JPM. I don’t think I am the only one, I know several MDs who moved from JPM to Citi and got 50-60% increase on base
Citi bonus is not up to or with many of the competitors. I would say the benefits also lack compared to competition. However, I would say Cit pays a higher salary than most.
Citi is on the lower end but of course if you are a ‘favorite’ you get so much more. Is all about if you su-ked up enough and kissed a** enough. Pathetic!!
Post ID: @lwx+1qFBSUS4 : You should have been really underpaid/low level employee at JP then. 60% salary increase (without being promoted, say a VP at JP and join Citi as a director) even during the pandemic is almost unheard-of...
JPM probably didn’t give a bonus because the employee resigned before bonus was announced or before it made it to the bank account. That happened to me btw. But I agree, also came from JPM to Citi and got my base salary increased by over 60%
I have never heard of anyone at JP not getting bonus - you must have been a really poor performer.
Regarding base salaries - JP was lagging before the pandemic but from what I hear they've caught up now. If they did not cut the bonuses because of that now JP should be way ahead of everyone else in terms of comp, but who knows...
For the same rating, bonus in Citi is 5% compared to 10% in JPM ( although my last year with JPM I didn't get bonus at all).
My base in Citi is 50% higher though. I prefer it this way.
OP here - yes, Citi seems to be doing really bad. I never imagined that a big 4 bank can afford to keep employees with such a drastic difference in compensation, but there you go. Lesson learned, albeit the hard way.
Bonus’s within Citi, regardless of role, IS very much lower than everywhere else?
I came from another company in a non revenue making role. It was a BAU keep the lights on role. My bonus was 3-6 times more than the same role in Citi.
Post ID: @xko+1qFBSUS4 : thanks, so it seems moving to Citi was the wrong thing to do for both of us :D My experience in terms of percentages is similar, very unfortunate.
Btw, now I understand why Citi Risk performs so poorly - good risk employees will either move to front office or switch to JP or other firms, where Risk is valued more.
I confirm. First year at JP (exceeded expectations) 40% bonus. First year at Citi (YE =1-1-2) 12% bonus. This is Risk.