What level is it being merged to?
Most other banks have already got rid of it.
41 replies (most recent on top)
I’m a C14 with 6 directs (C13’s) who manage teams. My total team is 38 people. If C14’s become IC, what happens to my directs and their teams? Do we all become IC and report directly to my boss, who’s a C15? I wonder if this is just a title downgrade for C14 but roles remain the same?
Post ID: @2nep+1rh9cxKP Agree. But don't you think this may be part of Citi's Master Plan, to manage people out, Not pay severance & get them to quit voluntarily ?? The SVPs and VPs who will quit are the ones with in-demand skills snd knowledge that Employers want, and also the ones with very high salaries. Even if Citi loses their skills and knowledge, Citi saves money.
What about VPs who are group managers managing employees and non-employees? Are they also becoming IC?
SVP with less than 6 direct reports
Is all this SVP to IC talk specific to a certain area? I can't imagine it makes sens for my SVP that has 40+ people reporting up to him become an IC....
Where this bs is coming from?
A merger of SVP and VP across the whole bank irrespective of division is foolish. Other institutions have eliminated the SVP role, but that was gradually done and not a snap decision.
It also helps that those other institutions practice and implement organic, in-line promotions which Citi historically has never done. If they were to flatten the VP and SVP levels, you will have SVPs who are very overqualified for the VP level suppressing VPs looking for advancement if they are all in the same pool and subject to zero in-line promotion to Director. SVPs who had high performance ratings will hit the exits if that were the case, and VPs in the same boat will likely follow as that trajectory to the next level — if it is Director — will have become incredibly oversaturated with competition.
To Post ID: @1rbj+1rh9cxKP NO. This means due to Citi cheapness cause Citi is destitute compared to its envied Competitors Citi will make it that much harder to reach, become a Director.
yes
But is this really happening?
SVP title, especially IC, is to separate favorites and others in my group. A girl did one schedule after being thought and trained became SVP. Many VP have worked out hundreds of process are still VP. Benefit of eliminating SVP title? Of course managers’ pet will be harder to be promoted if they are not real talent. Less work horse being sc--wed for less raise due to the title difference
Is this really true? Is this happening now or just too good to be true
Our tech department has about a dozen of SVPs and few vps and haven’t heard anything in this regard
Do you mean there is one less level to reach to Director?? That's great news
First, you have to answer one question. What is the benefit of eliminating the SVP title? Just because other banks don't have it, Citi need not reciprocate. They have good balance sheet, we don't have. They are growing and we are not. Similarly they don't have SVP and we have. What's the big deal. I don't see why people will spend time on eliminating a title without any tangible benefit. For that matter what is Director and Managing Director ? You can eliminate Director! What are directors directing ?
Many VPs aspiring to be SVP would be disappointed but at least will have more job security
where is this coming from?
also, guidance/rumors seem to be all over the place here.
Accept change for now and don’t do anything
Was your title changed to VP and level down to C??
Can confirm SVP changing as IC most roles. Mine was changed and only option was take the role or take severance. Citi 90 day notice won't be applicable if they offer you equivalent role you just get standard 12 weeks. My team was merged to another team. The other team everyone with lack of experience(even 1 year working exp) got promoted to SVPs and my team is struggling to keep jobs at all levels
@1cvm+1rh9cxKP, Citi hired lots of directors and SVP recently. They don’t have reports and might be reporting to another director or svp.
Directors are sc--wed up by not having SVP. VP stays in hope of promotion to SVP. If SVP and VP leave Citi needs directors who code. Citi fame has reached outside job market. No one will join for next 3 years. All the best for who stays here. Lots of external hires for past 2-3 years were dumped in SVP category. They report to directors or another Svp. Now they might also quit.
Citi just trying to move to low cost zones like Asia and Latin America for employees. Soon LATAM hires will overtake India as they are very less cost and in same tz
There are quite a few Directors and MDs as Individual Directors in Risk function which makes no sense. This is purely saving jobs of some executives favorites.
SVP pay is too high to not have direct reports.
I really would not care about the title, as long as I get the pay. I have worked long enough and I am happy to be an individual contributor. Managing people add much more work and it is not necessarily being appreciated by the top
IC = Individual contributor
Means you will not have anyone under you
Most work is already executed via the technology vendors like wipro/infosys/tcs etc, so this all makes lots of sense
Individual contributor, and agree that directors will be force to do more and weat multiple hats to cover c16 a$$
Can someone explain what "IC" is please?
They are many SVP I C in my group. Basically they do the same work, except admin, as VP, depends on if they are favorites. If so, nothing changes, just from manager in book to team lead actual. You know Citi’ s game, they can make anyone a big boss although the person is only AVP or lower. Big boss will tell you to work on someone’s project or lead the project. All politics.
@uvv+1rh9cxKP, Not all SVP's and Directors immediately. But eventually till 2026. Note this is just role changes and shuffling. The projects will be still scrutinized for cost and eliminated. The project evaluations are yet to be done. Fail fast is better. find a job now and jump the ship instead of waiting. SVP promotion to Director role is also blocked with visa constraints for few.
Why do folks write as if everyone is in tech?
There are still many SVPs that have direct reports. Will those DRs be shuffled around or laidoff ??
Some SVP's are good. we have to admit.
Pay will not be downgraded. But there are no SVP Bosses anymore. We have seen some SVP's are really good with hands-on in tech. But not always. Similarly VP's are required to code or do technical stuff and they can't Boss around or manage around. People are constantly monitored for their contributions. This might seems so much micro management for a lot to leave by themselves which Citi wants.
Directors will be pressured so much for delivery that they can't hold non-tech SVP's / VP's any more like old day politics. If not they have to lose their positions.
Great to hear. SVP is a nonsense - it does not exist anywhere elses apart from Citi's middle/back office. It creates division and tension between VPs and SVPs. Hopefully by downgrading them they will also downgrade their pay.
Being a SVP (C14) myself I am curious about the possibility of the SVP title and position possibly being eliminated. Can anyone explain what a C14 IC is? I am already dealing with a team with low morale, with one team member using my as reference on external position she is one of the final candidates for. Hard to try and cheer up my teammates while I sit and wait, and wait, to see if a meeting with HR suddenly appears on my calendar.
Yes, all c14 and below will be made into IC so no need for svp role. Just c14 IC, if you don't like it get of the train, they will push forced attrition because many won't want to be IC
Yes. SVP's are no longer managers but needs to be hands-on. If not they have to be eliminated.
where is this coming from?
Yes. Being merged with VP