Citi London IBD Culture & Layoffs?
Any thoughts on Citi London IBD? Seems to have a terrible rep on here lol.
Context: received SA offer for Citi but currently have an MM IBD (UMM) offer that I really like and seems promising to convert to FT, but leaning towards Citi for name and potential for FT.
With layoffs and the "bad culture", is it worth reneging my MM offer for Citi?
Based on the most helpful WSO content, reneging an offer is a decision that should be taken very seriously. It's a risky move and could potentially burn bridges in the industry.
In terms of the culture at Citi London IBD, I don't have specific information on that. However, it's important to remember that culture can vary greatly from team to team within the same firm.
As for layoffs, they are a reality in the finance industry and can happen at any firm, not just Citi. It's something to be aware of, but it shouldn't be the sole factor in your decision.
Ultimately, the decision should be based on where you think you'll be happiest and most successful. If you really like the MM IBD and believe it has good prospects for conversion to full-time, that's a strong point in its favor. On the other hand, if the prestige of Citi and the potential for a full-time offer there is more important to you, then that's the direction you should lean towards.
Remember, it's your career and you're the one who has to live with the decision. So, weigh your options carefully and choose the path that feels right for you.
Sources: Reneging a BB offer, Reneging BB SA Offer?, Full-Time Dilemma - 2 Offers, Should I renege this late?
Everyone hates Citi on this site, it's sort of a running joke.
In reality, Citi in London is a great place to be (less so at the moment due to layoffs).
The choice comes down to which team you got on better with during the interview and are more likely to see a future with.
Also, just want to flag that culture is very much group-dependent so I would ignore that from a firm-wide perspective.
Hope this helps!
Would you happen to know much about the current layoffs and if it's affecting FT headcount?
I have not been allocated to any team in both banks as the allocation takes place next year before the internship starts, so I don't have a clear indication as of yet.
I wouldn't worry too much about FT headcount as that usually stays relatively stable. A lot of the cuts are in the senior ranks.
Layoffs do not affect headcount/hiring needs of early careers talent. Citi tends to adjust SA class sizes to ensure that return rates remain relatively high, although in the past two years it's been lower than what it was 2019-2021 i.e., around 70-80% opposed to the 90% something.
If you are a good intern, you should be able to convert.
Culturewise, each team is different. You might end up in a team which has a really amazing culture at Citi and you may love your time there, or you might end up in a team with dogshit culture. Either case, it's not a reflection of Citi as a whole.
I wouldn't go to the MM. You have an offer from one of the most prestigious banks in London, and the world, and one that actually has a very good track record of converting the majority of their interns. You should accept the Citi offer.
Unless you are sure you want to do MM IB/PE for the rest of your life go to Citi. MM shops got huge deal flows during the 21 crazy market but now struggling in London. You can always switch from Citi to a MM if you are not enjoying the life in a BB.
You’re overestimating Citi’s brand name here in London - it’s nothing compared to NYC and AN1’s will find it significantly more difficult to just wake-up one morning and lateral to a smaller firm.
MM hire from big4 in London, I am sure someone from a US BB wont have an issue
Citi is a great brand to have on your CV, if you convert - becomes easier to sell in interviews, if you choose to re recruit for MM.
As a quick aside, Citi will be done with the restructuring at the end of Q1, so you (and incoming Analysts!) need not worry!
There is absolutely zero chance this ends in Q1.
If you think this massive restructuring is only going to last 2-3 Q’s you have another thing coming.
Look at the scale at which this restructuring was advertised - it’s going to be rolling until at least 2025.
Literally what the CFO said himself...
Why is citi doing rx
shitibank
What percent of NY teams are impacted?
One of the best banks in London, I was there recently and knew people who had solid exits to the buyside (Apollo, Blackstone, Brookfield, EQT etc).
If PE isn’t your thing you can go into corporates pretty easily
From what I hear, the main issue is culture. I know 4 people who interned at Citi London. They all received FT offers but they all hated it so much that they declined and joined completely different industries.
What’s culture like to make people feel that way in LDN office?
Sint ea iste earum similique ratione minus ut. Dolorem corrupti perferendis voluptatem ea maxime eum. Nobis similique eos nobis totam laboriosam est ut.
Consectetur necessitatibus magni hic aliquam consectetur. Aut quia provident quia aut. Nobis ex eum odit nostrum suscipit perferendis consequatur.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...