Citigroup slashes promotions as it seeks to overhaul bank, FT reports

Nov 26, 2024 · Managers have been told that as many as 2,000 Citi employees could get promotions, with pay hikes limited to 15%, in the next month, down from about 8,000 in …

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Citigroup Slashes Promotions As It Seeks To Overhaul Bank, FT Reports

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Nov 26, 2024 · Managers have been told that as many as 2,000 Citi employees could get promotions, with pay hikes limited to 15%, in the next month, down from about 8,000 in …

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Citigroup Slashes Promotions As It Seeks To Overhaul Bank

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Nov 27, 2024 · Citigroup slashes promotions as it seeks to overhaul bank Managers have been told that as many as 2,000 Citi employees could get promotions, with pay hikes limited to 15%, …

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Why is Citigroup slashing its year-end promotions?

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. 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. ...

Why is Reuters Citigroup cutting its year-end promotions?

REUTERS CITIGROUP is cutting the number of year-end promotions it awards as it seeks to hold costs down amid a long-term restructuring to shrink headcount, the Financial Times reported on Tuesday (Nov 26). ...

Why is Citi reducing its year-end promotions?

Citi (C)group is cutting the number of year-end promotions it typically awards as the company seeks to keep costs down amid a long-term restructuring that will involve shrinking its headcount, Stephen Gandel of The Financial Times reports. ...

How many Citi employees will get promotions?

(Reporting by Rishabh Jaiswal and Angela Christy in Bengaluru; Editing by Savio D'Souza) Managers have been told that as many as 2,000 Citi employees could get promotions, with pay hikes limited to 15%, in the next month, down from about 8,000 in previous rounds, the FT report said, citing four people familiar with the decisions. ...

Will Citi pay hikes be limited to 15%?

The pay hikes for promotions are expected to be limited to 15%, the report added. Citi did not immediately respond to a Reuters request for comment. Citi CEO Jane Fraser is implementing a sweeping overhaul of the bank to improve its performance, cut costs and simplify its sprawling businesses. ...

Will there be a decline in promotions at Citi?

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. ...