I assume the culture has always been problematic and the layoffs and uncertainty. How has the bank managed to retain people for 20-30 years?
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I can’t tell you how many times I’ve heard managers say in meetings, “Well if any of you want to go to work for our competitors, then just go ahead and leave”.
Post ID: @bnk+1qgaNyYe So then the Employees who left for greener pastures and thrive at Goldman, JPMorganChase etc. used Citi as a stepping stone, starting point. In other words, Citi did Not or does Not pay Salaries and Bonuses on par with its competitors so the Employees left Citi for greener pastures. Another way of saying this is that Citi is Not on par or good enough compared to its competitors whom Citi envies and idolizes.
I disagree with commenter that says people at Citi couldn't find good jobs elsewhere. Certainly not true and many of them have gone on to nice careers at the GS, BoA and JPM in senior MD roles. If anything, they thrived in a less siloed, bureaucratic environment. If you can make it at Citi, you can make it anywhere else.
Actually, a lot of people I know at Citi did leave for so-called greener pastures only to return and have their service bridged. This accounts for a good portion of the 20-30 years service, maybe 25%.
All is forgiven, Citi will take you back!
Difficult to understand how you can bring change if you are trying to solve the problem from the same space that created it.
Also, I realized that Citi is the kind of place where many people end up as a final destination, because they are not good enough for better places/jobs. And because Citi has lower standards, for them Citi is heaven - many 20y-30y have never believed they will have such a good run so they never leave. In contrast, many good people at firms like Goldman continue their careers at hedge funds / universities / whatnot...
Politics / brown-nosing. And after some time one becomes too expensive to be removed, especially in EU/UK.
20-30 years are sitting idle in the name of severance. Citi has no money. Citi fears to pay oldies. Its capable of paying severance of only 1-10 years . As long as you don't question you can save your as in Citi