What's the pay at SVP level? 60 day notice + 10 or 12 weeks pay?Do they pay for any carry over vacation + accrued vacation for the year?
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Any updates?
The formula for Citi severance has been shared on this site a dozen times. The following does not apply to MD level:
- 2 weeks for every year you have been at Citi up to 25 years (max severance is 1 year salary paid in a lump sum.)
- Earned/unused vacation gets paid out in a lump sum
- Pension gets paid out (if you have been there long enough to earn pension)
- Non-working period (i.e. "garden leave") of 50-60 days. During this time you are still an employee receiving regular pay check, full benefits, etc.
- Any 401K contributions you made during 2025 - Citi will still pay the match.
- Expect to wait a month to 3 months for your severance paperwork (requires signatures) and payout to process.
Headline: Citi HR’s "Administrative" Failure is Ruining Lives
Is anyone else from the Nov 28th Transformation layoffs still waiting on severance paperwork? It’s been over six weeks since our notice period ended, and HR is refusing to give a timeline, claiming the legal process just "takes time."
"Administratively possible" isn't a valid excuse when people are struggling to cover expenses and mortgages. The lack of empathy and organization from Citi HR is staggering. How can a global bank be this incompetent with basic payroll and legal documentation?
@ag I think carry over vacation expires March 31 not March 1
@a8 Tricky question because it kinda sorta depends on when your final paycheck is paid out - before or after Mar 1st. Before would make you eligible to get all accrued leave - carryover of 80 hours max from 2025 and that earned in 2026. After is tricky because technically carryover expires midnight of Mar 1st so they don't need to pay that to you for your final paycheck on, say, Mar 31st. What they actually end up doing is up for debate.
these crooks play games! vacation pay does not come under severance pay out. two separate buckets. one you earned and second they are paying voluntarily to keep your mouth shut
60 day notice period. This can be working or non working or partial 30 working 30 non working. It depends how your management handles it. Two weeks for a years service or at a minimum 12 weeks work of pay for folks making over 100k and 8 weeks for those making under 100k.
@a2 if the non working notice ends after March, I would still be eligible to get the accrued vacation payout ?
Can't speak for severance, but any time you separate from a compaby, voluntarily or otherwise, they have to legally pay out all accrued vacation except sick days, volunteer days etc. Now...they may turn around and claim that your package includes the vacation payout already even if it doesn't.
Tell us when you get your package.