Citi employees , managers (SVP's , D's and MD's) in Tech divisions are too outdated. They spend more time in politics rather than spawning new projects and providing technical leadership and guidance.
I personally think SVP role can be completely eliminated and D's should only have VP's as other banks. The more flatten the org should be.
MD > MD > D > D > SVP with direct reports who actually do stuff but we are making concerted efforts at efficiency
Post ID: @dj+1jmawf011
That's exactly the OP's point. In Real Banks, GS, JP, Morgan, BofA etc., VPs and even below are competent and more on the level of $hitibank's D's and MDs.
They are given projects and work that are substantive and complex because they're simply a better caliber of employees, because GS etc. can afford (they're profitable and function like a well-oiled machine) to attract and pay better employees, Unlike $hitibank.
The reverse is true. $hitibank's VPs and lower ranks are more like GS', JP's, Morgan and BofA's AVPs, Associates and Analysts or only a few years out of college/university. In fact the AVP level/title does Not even exist there.
If you're a VP in GS, JP etc. and are Krazy enough to want a job in $hitibank, you should apply for Director and MD jobs, else you'll be going backwards in terms of salary, promotion consideration, bonuses, etc..
Sometimes I wonder, why I have this useless manager who turns out to be a D, doesn’t approve any requests at all. I wish I get a different good manager in the reshuffling or I get fired (laid off) . Either way I am willing to accept any outcome. Just tired of being under that manager.
They come up with titles like SVP to satiate reward with prestige…..INSTEAD OF….giving adequate money.
We can’t pay you well, so here’s a fancy title.
I could care less what my title is so long as the pay stays the same. If you want to change my title to “Grunt Level 1”, it doesn’t bother me any. I don’t have the ego problem.
SVP is artificial title to give promo to VP so he doesn’t feel stuck for 20 years. It’s glorified position. In other banks top salary range VP is SVP in Citi.
Nevertheless innovation needs to kick in to prevent from outdated and face loss of jobs or worse when you lose job you can be hired quickly
Five layers of MD is just too much. The real work kicks off at VP level, and some SVPs still do tech stuff but it's rare. Mostly, it's just passing stuff from D to VP. Forward managers
True 100%, but why they don’t want to change?
True. 1000 %
SVP is a made-up title to keep salaries in back office jobs at Citi low. There is no equivalent SVP level anywhere else in the industry. Even Citi front office does not have SVP :D I agree - it should be eliminated, and that comes from me, an SVP :D