Why is everyone surprised by Citi using bell curve to rank employees? Bell curves are used in schools, universities and companies all over US - what's the fuss? The problem is not the curve - the problem is the number of promotions / pay rise buckets allocated based on the curve - in the past 40Y these fell dramatically in order to keep shareholders happy.
11 replies (most recent on top)
Unless you are in sales in-seat promotions, says HR, are for changes in scope and not a reward for excellent performance…..And so, Excellent people, employees Quit Citi.
by Anonymous
Post ID: @gk+1jh44ywm6
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Post ID: @ck+1jh0j8r63 I was Rated 3, 3's for 2024 when in the past I was Rated 2s and 3s with a few 1s.
Needless to say, I've been doing the bare minimum work since I'm Only Rated 3 = C-Grade when I worked long hours and worked above my job description. I'm actively searching for an external job that will pay me what I'm worth.
Someone here mentioned Trojan Horses. Citi created Trojan Horses and they''re inside Citi's House of Cards, or House of Straw that's near bankruptcy. Never say never. Lehman, AIG and other financial institutions thought they too were invincible.
by Anonymous Post ID: @fm+1jh0j8r63
As usual @ $hittybank, exiguous salary increases and bonuses. JPMC and Goldman employees are Laughing their A$SES off at $hittybank employees, throwing pennies at the Sad, Pathetic Penurious $hittybank mendicants because they work for the Dysfunctional Laughing Stock Joke Freak $how "Bank" of Wall Street. LMFAO! by Anonymous Post ID: @mvn+1vVtuOSY
Post ID: @1wbz+1weqHGai True. Current employees will be Trojan Horses who can sabotage, damage, create problems for, hinder or delay work and projects, including other employees' work. by Anonymous Post ID: @1ynj+1weqHGai
Post ID: @1wya+1weqHGai You have more "freedom" as a contractor, but No medical insurance or pension plan. You're responsible for the last 2, which means higher costs, responsibilities and burdens for you.
YOU did Not choose to become a Temp/Contractor worker. Citi forced you to become a Temp/Contractor worker probably because you still have Not found a Full-time permanent job.
Both former and current employees will have Schadenfreude WHEN Not If Citi goes OOB Out of Business, gets sold in whole or pieces.
In fact I see even current employees including myself laugh and rejoice whenever Citi gets another regulatory monetary fine, MRA, MRIA, or Consent Order.
FVCK Employees Over with Low or Zero Salary, Bonus increases, or No promotions, And Citi's own current employees will be it's worst enemy. by Anonymous Post ID: @1wbz+1weqHGai
Any Citi employee’s best strategy now is to upskill and keep interviewing until you get a great role. Otherwise do the bare minimum and wait to be laid off. Think of the severance package as additional bonus. by Anonymous Post ID: @hzo+1weqHGai
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Citigroup slashes promotions as it seeks to overhaul bank
As few as 2,000 employees could receive pay and title bumps in the next month, down from about 8,000 in previous rounds
Citibank building in Canada Square
Citi’s pay rises for promotions are expected to be limited to about 15%, and the bank is said to be pursuing other means of limiting costs, including demotions and lower pay © Mike Kemp/In Pictures/Getty Images
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Stephen Gandel in New York November 26 2024
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Citigroup is slashing the number of year-end promotions it usually awards, as it seeks to hold costs down amid a long-term restructuring to shrink headcount and right the plodding bank.
Managers have been told that as many as 2,000 Citi employees could receive a bump to their pay and title in the next month, down from about 8,000 in previous rounds, four people familiar with the decisions said, cautioning that those decisions are not final.
The change relates to “in-seat promotions”, in which the bank awards pay increases and better titles without changing employees’ roles or responsibility.
In the past few weeks, unit heads have held meetings with their team members to manage expectations about promotions, two of the people said. The staffers were told promotions this year were in most cases only available to individuals who are taking on new roles or responsibilities.
Even in these instances, pay raises for promotions are expected to be limited to 15 per cent, although one person familiar with the discussions described that figure as a “guidepost” rather than a cap.
“The morale is pretty low,” said one Citi employee whose team had a town hall in early November. “Recent town halls have directly addressed toxicity and stress even with HR dialled in.”
Citi said it made group-wide promotions and other role changes earlier this year, “and managers have received guidance to take that effort into consideration at year end”.
Citi disputed there would be “a significant decline in promotions across the bank”.
The group last week scheduled a company-wide town hall for December 5 to give an update on the overhaul that chief executive Jane Fraser launched more than a year ago. The meeting will be led by Citi’s chief operating officer, Anand Selva, but will also feature “a candid conversation” on “how talent and culture are key to successfully transforming the firm” by the bank’s head of human resources, Sara Wechter, according to the email invite to employees.
Jane Fraser, chief executive officer of Citigroup
Jane Fraser, chief executive, launched an overhaul of Citi more than a year ago © Valerie Plesch/Bloomberg
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”.
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https://www.ft.com/content/f5732fa2-4876-4595-b5e8-96d3cd6ef50f
Managers have been told to assess staff and decide whether some should be moved to lower tiers, resulting in lower pay, said one person familiar with the matter.
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.
Additional reporting by Joshua Franklin in New York
Post ID: @2ezx+1w4pw5zL The point of this thread and thanks to the OP, is NO matter how good the employees' work is or how hard employees work, we're being Forced into Lower 3s and 4s Ratings because $hittybank is a Penurious Pathetic Mendicant that can not or will Not pay decent salaries and bonuses, mascarading as and Lying to the world that it's a successful "bank"!!!
It's human nature to give up because what's the point in going above and beyond the call of duty for so long months or years, when we're NOT gong to be rewarded for it??
Why bother getting stressed out doing more or better work when we'll still ONLY be Rated 3s???!!!
There are always stronger performers. Impossible to have a whole team of 1's, time for people to get real.
When I stopped focusing on low level work and complaining about getting 3's, my rating went up.
Focus on yourself, play the game.
This isn't primary school where you get a ribbon just for participating.
I believe the same person has a set of already typed out verbiage and they just copy\paste the same thing on various posts. They keep referencing drvg dealers and axe mvrderers and $hittybank and clown car etc…but never has anything new to say other than the same thing over and over again. Kinda odd.
$hittybank strikes again! These machinations further add fuel to the Fire, lowering already very Low Employee Morale (if there was a Morale Scale or Meter, it's already in the Negative) as well as justifying and rationalizing in the Employees minds to do the bare minimum work because why bother to bend over backwards, go above and beyond the call of duty when the Employees will NOT get rewarded for it anyway???!!!
$hittybank will be lucky to attract and retain Drvg Dealers and Axe Mvrderers as Employees with all of its Dirty Laundry aired out for Job applicants/Svckers and the media to see and read ! LMFAO! by Anonymous Post ID: @rcm+1w3ue8s5
Hence, the vicious endless cycle of $hittybank remaining in the Low Tier/Caliber of Banks. When Employees do the bare minimum work, have Low Morale, keep their knowledge, skills, solutions and information to themselves because they will NOT get rewarded for them anyway, this keeps $hittybank in the Low Tier.
These are the results of Forced Lower Ratings of High Performing 1s and 2s Employees into 3s and 4s just so $hittybank pays Lower Salaries and Bonuses because $hittybank is Penurious, a Dysfunctional JOKE
of Wall Street Clown Car 🤡 and NOT profitable ! LMFAO !
Buy the stock to offset disappointing bonus