Thread regarding Citigroup Inc. / Citibank / Citi layoffs

So true. The glut and overabundance of VPs leads to VPs (and AVPs) quitting. Citi would rather have historical knowledge and experience leave Citi. This contributes to Citi's fragmented resources, skills, operational processes, etc.. And then Citi wonders why it has Consent Orders, MRIAs, MRAs, operational problems, misunderstandings and miscommunications about what work needs to be done or why, etc.. Even if Citi hires permanent employees instead of the usual contractors, the external employees who are hired from outside Citi still need to be trained and be broken in like a dog as to how and why Citi has certain processes, policies and problems. In Citi, it's a vicious cycle of fragmentation, dysfunction, rely on contractors, don't promote, low salaries, low morale, layoffs..... lather, rinse repeat every year.

At lunch with my group, one of the VP’s said those very words and the others just nodded.
Well, not the exact word for word but the sentiment was the same. Don’t care about title, just the pay. Show me the money.

"Most SVP\VP’s could care less about the title, just so long as they get paid what they are worth."

This is one of the most untrue things I have ever heard on here LOL

There's a multitude of reasons why Citi has so many VP's.

They're too quick to promote AVPs, and too slow to promote VPs. So most people (IC's) top out at the VP level for their career (the salary band for VP is fairly wide), unless they move into the management side. There should be a lot more AVPs in the company to have a healthy level of junior staff being trained up to become senior staff.

There are constant headcount reduction/justification exercises that limit group's from growing: no req approvals even for C11/C12s, or groups only want C13s to replace a C13 that left, so we hardly have any new graduate hires that then would grow organically in their career. And when new hires come out of the graduate program they're automatically at AVP level (and not C10/C11), and then fast-tracked to VP after 2-4 years, or they jump ship. That's too quick for a junior staff with less 5-10 years professional experience to be promoted to VP - they aren't Sr analysts yet.

And if you have no new hires, then after 5-10 years your group turns into all VPs and stays that way for years until there's a re-org or some management leaves and 1 person in the team gets promoted to become a new SVP.

I would agree that the salary band for C12's is a bit low on the high-end to be competitive for people in the 5-10 year experience range. Everything should shift right more to keep up with the industry.