Entire technology group is limited to 1% of the staff (levels up to C14) to get promotions. In prior years the typical numbers are 4% of the people can be put up for promotion. This year it’s 1%. It’s going to drive attrition once people who perform find out they didn’t make the cut.
11 replies (most recent on top)
Jane needs reduce 20,000 FTE by 2026 excluding Banamex headcount. With the 7000 mass layoff earlier this year and subsequent attrition, there is still 10,000-ish to go to reached the 180,000 number Jane promised investors at Dec 3023 shareholder meeting.
When the 0% or only 1% promotions hit the Fan and Media, And they WILL because Bad News travels fast, external job applicants will think twice if not 3x Before they apply for jobs in Citi. Correct that the only job applicants Citi will attract and/or retain are Drvg Users, Drvg Dealers and Axe Mvrderers.
According to the recent Town Halls there will be 0% to 1% promotions ! Citi or rather $hittybank really hates its employees. This will definitely drive out and make employees voluntarily Quit along with lecturing employees to "Not chase the money" and look for external better jobs LOL! Easy to say when you're already making at least US$400,000 in base salary BEFORE Your UNDESERVED Bonuses!!!
The Only employees $hittybank will and can attract and retain are Drvg Users, Drvg Dealers and Axe Mvrderers ! This is Not a hyperbole. It's a vicious cycle and De@th Spiral that Lower Tier/Lower Caliber companies can Not get out of that leads to Non-existence. Lehman, Bear Stearns, Gruntal, Ryan Beck and several other financial institutions were branded and regarded as Underdogs on Wall Street, and rightfully so. They pulled the same shenanigans, Bull$hit games and nickle and dimed their employees because they were Knocking on Heaven's Door and were financially unstable. They No longer exist and are in Financial H3LL (Not Heaven) just like $hittybank's Days are also numbered! LMFAO!
@5sox+1vtDPyzZ
At least your department follows up on it.
My team is not aware of it. We have so many work task going on, we are barely able to keep up. I think those emails are subconsciously bypassed in order to survive layoff another day
Post ID: @5wis+1vtDPyzZ And Citi has the Gall to expect employees to be cheerful, enthusiastic or happy even as we approach the holiday season! They're sending out meeting invites for Mixers/Drinks, Holiday Parties and even Potluck Lunches! ROTFLMFAO! I just let them sit there and do Not even respond to keep them guessing whether or not I'll attend. Then the "managers" or their admins/secretaries literally send follow-up emails begging people to attend. LMFAO!
It's obvious when these meeting invites have been rescheduled several times and I mean more than 3x that most people do Not want to attend the SH!TShow BullSH!T !
The claim that only 1% of employees will be promoted is accurate, as does the decision to forcibly downgrade ratings. These directives reportedly came from the Business Office even before employees had completed their Year End assessments. It makes a total mockery of the Year End Incentive Compensation Training all managers had to complete earlier in the year. Another example of how Citi Leadership bends the rules.
At Balaji's year-end town hall, the top question revolved around pay and rewards for good performance. Perhaps that's why, as usual, he avoided leaving time to address questions — fueling the frustration people are expressing on this forum now.
Speaking of the town hall, I’ve never witnessed such an uninspiring lineup of "leaders". Not a single one managed to motivate or present a future vision that felt credible. The presentation was lackluster and reflected a troubling disregard for the employees who are tirelessly working to keep Citi running. As we approach the Holiday Season there is a serious lack of goodwill to staff.
Trump is reportedly planning to address diversity, equity, and inclusion (DEI) policies in government departments, aiming to reduce associated costs and streamline operations. If this approach influences the corporate sector, Citi might have to reconsider it's DEI strategies, potentially redirecting resources and focusing on merit-based promotions, rather than promoting inexperienced staff into roles because they fit a particular demographic.
@2jya+1vtDPyzZ
Unfortunately you’ve been around long enough to know that in true Citi fashion, they are more apt and focused on running off tenured employees rather than letting you stay employed until retirement. Might I suggest that you lawyer yourself up proactively. You can get an employment lawyer on retainer. Someone in your corner for when, not if, they start harassing you and you know they will. All of a sudden you can’t do anything right etc… it’ll be the writing on the wall.
I have no proof but its almost as if there’s some incentive to make sure tenured employees don’t retire from Citi rather than running you off.
I am one of those employees who have been around long enough that getting another job elsewhere with the pay and vacation I have would be extremely difficult, so yes they have me "by the ba--s" (if I had them). I am just praying for seven more years of employment at which point I can ride into the sunset at 65 will my full retirement. I have been here so long I even have some old Citicorp Pension built up!
Post ID: @1xhz+1vtDPyzZ We all know Citi talk is Cheap and CitiBull$hit walks !
As I have been told all too many times before:
“If you don’t like it, leave”
“congratulations, you get to keep your job”
“thank you very much for all your work, you’re rated a 1. Unfortunately I can’t give you
anything for it”
Citi talks about “pay for performance” but then they restrict promotions for people who perform. This sounds like the senior management is intentionally making it so people leave so they don’t have to lay people off.