Every year there have been 300 MD promotions. Will it still happen in 2025, yes! We will see email on our new managing directors shortly. Wrongs signal to all other worker bees.
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There may not be cuts but due to the re-leveling it will run a lot of people off. Here’s the thing, the job market will be getting much better. The opportunities will be there for Citi employees to leave. Why wouldn’t they?
There was a TH where an out of touch MD was speaking about not following the money. Its easy to say when you already make top dollar. Its like having a warehouse of food and you tell your starving neighbor “you really shouldn’t be worried too much about food” .
What ever Jane is doing right, she found the problem but she was not able to understand the problem clearly. Its 90% of managers do not want to work just want to survive for Insurnace. educate them to sit back and give steering to new generations.
Previous VP in Tech and now IC here. Meeting today to discuss our departments roles with upper management. Worked at Citi for 15 years and they now want to discuss our roles. I feel cuts are coming through re-leveling. Happy Holidays.
Citi is adopting its more limited promotion plan at a time when job cuts have been slowing. At the end of last year, it promised to eliminate 20,000 positions from its 229,000 bank-wide staff as part of its largest reorganisation in years. Another 40,000 staffers could be shifted off Citi’s payroll with the planned initial public offering of its Mexican retail bank Banamex.
But after cutting 10,000 positions in the first half of the year, headcount was steady in Citi’s most recent quarter. The bank is not planning on doing another large round of lay-offs until next year at the earliest, according to multiple people.
In September, Citi’s chief financial officer Mark Mason cited regulatory scrutiny as one of the things holding back more aggressive job cuts.
Citi was fined an additional $136mn in June for failing to correct risk control and data management issues that go back to at least 2020, when a Citi staffer mistakenly sent $900mn to creditors of cosmetics company Revlon. It paid a fine of $400mn in 2021 for the same issue.
Mason said the bank’s regulators “wanted to ensure that we were allocating enough resources in order to deliver on the plan we had committed to”.
As a result, Citi has been forced to find other ways to cut costs, including a process called “re-levelling”.
Last week, Citi distributed a spreadsheet to upper managers listing and describing Citi’s standard roles and job level categories, the person said. Each of the 16 job categories has minimum and maximum salary levels. The person said re-levelling could happen as soon as early next year; the bank disputed the re-levelling plans.