Hopefully someone high up at Citi reads this. Citi cannot attract the best risk and tech employees with 0-5-10% bonuses. Get real - these functions get at least double that in other big firms. Have you ever wondered why risk at Goldman or JP is better? Well, this is part of the answer...
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and I am saying about half are of low quality, yes, I agree.
The other half are of higher quality but choose not to ki-l themselves for the amount of money or lack thereof that is being paid.
OP here: I think you missed the logical flow in my OP - I am not complaining that my comp is low at Citi - I am saying that because the comp is low in general at Citi, people in tech and risk are of low quality.
This post is both right and wrong.
Yes, you do have some very tech heavy hitters.
No, they won’t put int crazy hours you want for the salary\bonus that Citi is offering.
If you want someone to work the hours equivalent of 1.5-2 jobs, then you need to offer 1.5-2x the current salary.
Does Citi really think they’ll find the unicorn employee that’s an expert in 5 prog languages, cyber sec, networking, database, web development etc…. for the salary they are offering and is willing to work 60+ hours per week. Its not happening.
“we’ll bring you in at 100K with the potential of making more et…” the use of the words potential means maybe in the many years to come if you’re lucky.
So what Citi does is hire one person that is an expert at market value worth, then they make them a lead or manager of others who are not. Its almost as if Citi thinks that the tech knowledge will somehow, through osmosis, magically trickle down to the underlings and will bring them up to the expert level. They then sum it up at the next TH meeting with “we are hiring the right people” all the while thinking about that one person they brought onboard.
Citi wants the hours and Citi wants the dedication and Citi wants the loyalty, they just don’t want to pay for it.
They’d rather leverage fear as a retention tool. “Better make that aggressive deadline” with an implied “or else” in order to squeeze in those long hours for the low salary which works for about 50% of the time.
Citi Technology is filled with subpar talent and comp reflects that. If you're genuinely that talented, why are you working at a bank instead of a Tech company and why did you choose to work at one that apparently pays less than it's competitors? Have you applied to higher paying jobs at other firms? What was the outcome? Being hired into a subpar role, then demanding the salary elsewhere isn't how it works.
Bonus are based on company performance then personal performance not effort. The company did horrible this year and then add the reorg . If people are questioning staying at the company it’s got more to do with there bonus for 2023
So go work there instead. Goldman cuts the bottom 10% every year. That doesn’t include the restructuring and layoffs they’re doing currently. Enjoy.