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Everything HR says should be discarded anyway, but culture at Citi went even more downhill when the market crashed.
Culture at Citi is obviously group dependent. This is the same at every big bank.
To address your points:
Let me allay your fears. Citi is a good bank to work at, as a junior. I don't believe there have been any Analysts cut, at least not to my knowledge. As far as I know of groups who have lost people, it's been Associates and above. Not Analysts. We're also heading in a positive direction now, whereby reductions in headcount will likely slow/cease after this round. Investment banking revenues at Citi was up 34%.
Look, you'll be joining as a Junior, if you choose to join. The development programme, your Analyst years, they're well spent at Citi. You won't be shown the door or anything like that. It's by no means a dreadful place to work. Generally, very nice people all around.
All in all, culture is fine. What you'd expect at most banks. Return rates are high, too.
My brother in christ they've been cutting analysts like crazy, absolute bloodbath.
This is inaccurate, a lot of analysts have been made redundant
No juniors have been cut other than those that should have been gone regardless. I’m speaking from IB Coverage perspective and intel from multiple groups.
The restructuring is effectively a non-event for nearly all US bankers — if anything it’s a positive.
You just drunk the kool-aid but I wouldn't expect more from an associate. Shiti is a dumpster fire
I'm a director, bud. Ignore the title. Let me be clear, there is going to be bullshit at any bank and any job. I will be the first to say a lot of stuff at Citi needs to be fixed, but I acquaintances at other places and they have their own bullshit as well.
How splintered is the stick that is currently fit snug in your ass?
the fact that they're going after someone who was within their expense budget goes to show there are issues with this company
Absolutely untrue. The bank is under immense pressure from the regulators due to past sloppiness. We can't afford any slips in compliance abuse; Citi's share price is depressed partly due to investors being unconvinced of us having turned around our relationship with the regulators, which is the biggest focus of the "Transformation", an internal overhaul of almost all systems.
This doesn't mean we're in trouble or that we have serious issues.
That guy got fired because he lied and then doubled down on it, even filing a wrongful termination suit over something very clearly spelled out in the meal policy... not because he grabbed a little extra food
Citi definitely has issues, no argument there - but this guy was just being stupid
Citi is a great franchise. I was there btw 2012 and 2015. And there used to be cuts during my time as well, even at the junior level. it doesnt make the bank bad. Why are cuts so surprising to those of you who started your careers recently? welcome to banking/finance newbies....
100% agree with this. If anything, Citi often lets poor performers hang on to long. Why would an incompetent VP / director who was the "profile book" associate who rode the good times leave. As far as the junior cuts i've seen made -- they were all awful, like they may get a $30k associate bonus even in a great year awful. The types that are so incompetent, that think are an all-star because they have no concept of what is actually going on.
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