Really want someone from Citi to comment on this. Is this slide being circulated among people who can do something about it? Does IBD leadership care...at all?
Fair point on the GS part, but totally feasible that someone would be choosing between Citi, BoA, and others of similar status. Can't imagine the pay disparity does anything other than hurt their recruiting.
I mean they are on par with BofA. Not sure why this is a controversial statement
Edit: genuinely don't know if whoever this upsets is at Citi and is angry they're being compared to BofA or BofA and not happy with the comparison to Citi haha.
Considering the amount of comp consultants and market intel banks pay for prior to comp, it's pretty shocking seeing Citi coming in so grossly low compared to even its direct peers.
Agree! I’m at Citi and can confirm the bonus numbers were really bad!! On a group call MDs were asking to bring our friends from other banks to Citi. Joked that none of us would ever leave because we are good people
Is there any sense from leadership that they acknowledged they underpaid you guys? Like it truly was so below everyone I'd be hard pressed to believe there isn't an uproar to management regarding it.
So I discussed this with my MD. It just sounded like the ones who’ve been with the MD since many years ago got paid well (he didn't say it but definitely could read between the lines) and are one of his few "inner circle people" then you got paid well. Said the firm has paid 100% and over 100% too
This is good because it will make banks afraid that by shortchanging bonuses they could be publicly mocked like this. It’s not a good look for Citi but will incentivize others to not do the same in the future
Payments are officially slated for the 31st. Some have received them already based on how your bank handles Monday ACHs. Some may choose to wait until March when 401k contributions are paid for the prior year.
All jokes aside, for any major bank, associate bonuses are so far below the CEO's radar that they probably have no idea what they are.
Most of Citi ICG's leadership is from the markets side and Citi has historically been much stronger on the markets and treasury & trade solutions side, so it really shouldn't be a surprise they are de-prioritizing the investment bank
Looks like "citi doesn't care". For a bank that touts their diversity efforts, WLB, its funny they cant even support the analysts/associates who are in the trenches day in and day out.
I understand being pissed and would be if I was in that situation…but when has Citi ever paid above market vs. peers? I’ve always heard BAML pays better at all buckets / levels
unless EVERYBODY got shafted and the mid bucket was very weak
unclear with the few datapoints from C associates potentially being underperformers (that associate with $90k FY bonus)
Guys it's Citi not Lazard. You know who else had a shitty year (decade)? Wells Fargo, but you don't see them complaining because they know their place in the world.
I mean that may be because their bonuses were ~100%. I used to work there and still have a few friends there and none of them were disappointed. From what I’m seeing of the Citi numbers they deserve to be disappointed. Also seeing VPs at WF in the other thread who were $750k. Citi was clearly underpaid, let them vent. They have a legitimate gripe with management.
I mean that may be because their bonuses were ~100%. I used to work there and still have a few friends there and none of them were disappointed. From what I'm seeing of the Citi numbers they deserve to be disappointed. Also seeing VPs at WF in the other thread who were $750k. Citi was clearly underpaid, let them vent. They have a legitimate gripe with management.
Eh, good point. Besides, I'm always here for shaming the shit out of banks to try and force them into paying more and easing up on WLB. Now that I think about it, I'm also underpaid and overworked. #MeToo
I work at Citi and will be leaving in the next month or so. There are so many elements of working here that are a joke. Not sure the problems outside of pay extend to other large banks or not but either way im leaving banking entirely
Laborum impedit dolorum minima aliquam soluta qui. Nemo inventore aut at amet. Tempore et enim et ipsa dolore fuga ut. Alias numquam sunt aliquid laboriosam. Voluptas distinctio qui et numquam.
Quis molestiae dolor fugiat sit. Odio sequi et facilis. Ab deleniti consectetur quia. Natus fugit dolores quam doloribus nihil soluta quia.
Dolore expedita ipsa ipsa occaecati et. Reiciendis a vitae aut voluptate quibusdam. Velit sunt suscipit et quas at consequatur accusamus. Magnam harum officiis nam quibusdam asperiores eligendi consequatur provident. Id error porro facere quae omnis corrupti.
Quo eum est hic ullam et veritatis maiores. Ut rerum ducimus vel.
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)
Inventore earum dolores blanditiis velit quia. Tenetur et molestiae aut officiis quisquam aut.
Impedit harum culpa alias. Ut corrupti blanditiis laborum consequatur amet. Vero et voluptatum et repellat. Et enim libero similique magni illum cupiditate et fugit.
Sorry, you need to login or sign up in order to vote. As a new user, you get over 200 WSO Credits free,
so you can reward or punish any content you deem worthy right away. See you on the other side!
Is this real?
Gonna guess.... hell yeah lol
I heard WF was shit too
It has the right formatting for a Citi presentation, so if it's not real it was at least made by someone at Citi most likely.
Do we have any actual figures?
Lol good number of numbers here (https://www.wallstreetoasis.com/forums/bonus-season-comps?_wrapper_form…;
Numbers off the top of my head (bonus): AS1 - 115k, 90k. Pretty bad.
Jeez…wonder what Analyst numbers were then.
Really want someone from Citi to comment on this. Is this slide being circulated among people who can do something about it? Does IBD leadership care...at all?
I mean, management isn't stupid. No one's deciding between Goldman and Citi so it's kind of irrelevant what GS is being paid.
If Citi's pay was equal to Goldman, the same exact number of junior employees would leave for Goldman vs. if Goldman paid 10x what Citi paid.
Fair point on the GS part, but totally feasible that someone would be choosing between Citi, BoA, and others of similar status. Can't imagine the pay disparity does anything other than hurt their recruiting.
You think Citi is on par with bofa? Ouch
Well league tables say they are....fuck if I know lol
I mean they are on par with BofA. Not sure why this is a controversial statement
Edit: genuinely don't know if whoever this upsets is at Citi and is angry they're being compared to BofA or BofA and not happy with the comparison to Citi haha.
.
Lol true true
Considering the amount of comp consultants and market intel banks pay for prior to comp, it's pretty shocking seeing Citi coming in so grossly low compared to even its direct peers.
Agree! I’m at Citi and can confirm the bonus numbers were really bad!! On a group call MDs were asking to bring our friends from other banks to Citi. Joked that none of us would ever leave because we are good people
Is there any sense from leadership that they acknowledged they underpaid you guys? Like it truly was so below everyone I'd be hard pressed to believe there isn't an uproar to management regarding it.
So I discussed this with my MD. It just sounded like the ones who’ve been with the MD since many years ago got paid well (he didn't say it but definitely could read between the lines) and are one of his few "inner circle people" then you got paid well. Said the firm has paid 100% and over 100% too
This is good because it will make banks afraid that by shortchanging bonuses they could be publicly mocked like this. It’s not a good look for Citi but will incentivize others to not do the same in the future
4th
Payments are officially slated for the 31st. Some have received them already based on how your bank handles Monday ACHs. Some may choose to wait until March when 401k contributions are paid for the prior year.
Lol, no one's going to quit without a job because bonus was lower than expected
Any departures because of the lower than expected bonuses won't happen for a while
first woman CEO is the real bonus y'all!
All jokes aside, for any major bank, associate bonuses are so far below the CEO's radar that they probably have no idea what they are.
Most of Citi ICG's leadership is from the markets side and Citi has historically been much stronger on the markets and treasury & trade solutions side, so it really shouldn't be a surprise they are de-prioritizing the investment bank
important follow up - this is where yalls bonuses went: https://www.foxbusiness.com/features/citigroup-raises-frasers-pay-by-32…
Looks like "citi doesn't care". For a bank that touts their diversity efforts, WLB, its funny they cant even support the analysts/associates who are in the trenches day in and day out.
I understand being pissed and would be if I was in that situation…but when has Citi ever paid above market vs. peers? I’ve always heard BAML pays better at all buckets / levels
unless EVERYBODY got shafted and the mid bucket was very weak
unclear with the few datapoints from C associates potentially being underperformers (that associate with $90k FY bonus)
Guys it's Citi not Lazard. You know who else had a shitty year (decade)? Wells Fargo, but you don't see them complaining because they know their place in the world.
I mean that may be because their bonuses were ~100%. I used to work there and still have a few friends there and none of them were disappointed. From what I’m seeing of the Citi numbers they deserve to be disappointed. Also seeing VPs at WF in the other thread who were $750k. Citi was clearly underpaid, let them vent. They have a legitimate gripe with management.
Eh, good point. Besides, I'm always here for shaming the shit out of banks to try and force them into paying more and easing up on WLB. Now that I think about it, I'm also underpaid and overworked. #MeToo
Thank you!! Seriously
Bonus was at par with a consultants bonus
I work at Citi and will be leaving in the next month or so. There are so many elements of working here that are a joke. Not sure the problems outside of pay extend to other large banks or not but either way im leaving banking entirely
Laborum impedit dolorum minima aliquam soluta qui. Nemo inventore aut at amet. Tempore et enim et ipsa dolore fuga ut. Alias numquam sunt aliquid laboriosam. Voluptas distinctio qui et numquam.
Quis molestiae dolor fugiat sit. Odio sequi et facilis. Ab deleniti consectetur quia. Natus fugit dolores quam doloribus nihil soluta quia.
Dolore expedita ipsa ipsa occaecati et. Reiciendis a vitae aut voluptate quibusdam. Velit sunt suscipit et quas at consequatur accusamus. Magnam harum officiis nam quibusdam asperiores eligendi consequatur provident. Id error porro facere quae omnis corrupti.
Quo eum est hic ullam et veritatis maiores. Ut rerum ducimus vel.
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...
Inventore earum dolores blanditiis velit quia. Tenetur et molestiae aut officiis quisquam aut.
Impedit harum culpa alias. Ut corrupti blanditiis laborum consequatur amet. Vero et voluptatum et repellat. Et enim libero similique magni illum cupiditate et fugit.