Citi doing away with offices...

The nation’s third-largest bank is making the shift to an open-plan layout—a vibe more identified with tech startups than global banking conglomerates—where no one, not even CEO Michael Corbat, will have a door. Most employees won’t even get their own desks....
The layout at the new headquarters is minimalist, and more egalitarian. Since most desks aren’t assigned, employees must lock up their family photos and personal tchotchkes each night. Everyone gets a window view—but no one gets complete privacy.

And when the Head of IB said his employees suggested to the CEO that bankers might be uncomfortable in that setting...

He said Mr. Corbat helped convince him that the new setup will help the bank best serve clients, by fostering collaboration and attracting young talent.

Idk about anyone else, but I'm working in finance for the culture. If I want to feel like I'm working at a startup I will go work for a startup. Curious to hear your thoughts.

The article is here.

 

/rant

I f**king hate open concept unless it is to save money as a startup.

Our tech department recently went from a cubicle/shared office setup on a high level floor to an open concept on the lower floors. The idea was to increase communication, which made me laugh because introverts don't want this. All they did was make noise canceling headphone twice as important and made it easier to get distracted while you noticed movement in your peripherals. /rant

This article pretty much says it all for me: https://www.washingtonpost.com/posteverything/wp/2014/12/30/google-got-…

 

For me, this would range on the upper end of a list of possible reasons to leave. I'm easily distracted and getting my single office 2y ago was the best thing that ever happened to my productivity, followed by increased remote working and using a headset for calls. For increased communication, I like the idea of combining classic offices with meeting zones and optional standing-desk meeting rooms. Naturally, this comes with a need for space.

 

I've worked in both (closed to open to closed) and can honestly say, yes, it was very weird for the first month in the open concept, but then I loved it. Being back in a cubicle environment now, with offices, is fine, but I honestly preferred the open concept. A lot of it will of course depend on the work you're doing, but the ability to communicate and collaborate (as much as it sounds cheeky) was a great benefit for that company. Will be curious to see how it plays out in this space...

 

This has little to do with cost savings and more to do with what I imagine is low morale at the bank. Some people think that improving morale is as easy and putting the CEO and other high level management employees on the floor with everyone else. Will it work? Only time will tell. As for me, I personally love this type of set up. I recently bought a building and am in the process of renovating the loft space into a new apartment for myself. I wont have a single wall, the bathroom will be wide open for anyone in the apartment to see. I'll update you all once I find out how this goes with visitors.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

I've worked in open plan in all my time as a banker (but not the free range desks mentioned in the OP). Previously worked in an office as a junior lawyer, low-rise cubicles as a slightly older lawyer.

I prefer open plan. Particularly when you're working on a live deal.

I don't think I'd like free range desks, though. I usually have 3-4 deals running at a time and 6-7 piles of stuff on my desk. Having to rack and stack that every night and go poaching for a new desk in the morning would be too much wasted time.

Those who can, do. Those who can't, post threads about how to do it on WSO.
 

I hate low-rise cubes, I don't know that I can handle an entirely open setup. I like my high walls and personal space, I don't want to watch someone eat their lunch everyday like I did when I was in a low-rise, open setting. I will be less productive because I would see all the annoying things people do at their desk everyday and resent nice people just because I am crowded by them.

 
Best Response

What if you pick your nose or have a chronic masturbation problem? Makes a no private office environment pretty uncomfortable.

I agree with whomever above said it's a PR move. Personally I would hate to sit in an open environment. I get easily distracted visually and I tend to be on the phone half the day and need to stay focused. I also have calls talking about pretty confidential info and while the investment pros can hear most of it, I don't need some chatty Sally leaking confidential info. I'm sure Citi employees will love it when someone from the mail room overhears the CEO talking about mass layoffs and when he has to lock all of his files into a cubby every night, because that's the best use of an executives time. In reality he'll have a private office and pretend for a couple of hours per week to hot seat it on the floor.

 
Dingdong08:
What if you pick your nose or have a chronic masturbation problem?

We had a nose picker. That was my worst experience of open plan. I still shudder when I look to the position where he sat.

Those who can, do. Those who can't, post threads about how to do it on WSO.
 
SSits:
Dingdong08:
What if you pick your nose or have a chronic masturbation problem?

We had a nose picker. That was my worst experience of open plan. I still shudder when I look to the position where he sat.

Lmao. Legendary post.

 

I'm one of those millennials that prefers the more traditional setup for the most part, but I think the low-rise cubicles are the best. They're tall enough that you can avoid getting distracted by the movement of your co-workers, and all you have to do is raise your head up if you want to talk to someone on the other side. The noise does get bothersome though, but that's what headphones are for.

 

I've worked in low rise cubes, high rise cubes, and an office with a hot desk policy. Low rise cubes were by far the best, created a sense of personal space while still being able to see and easily communicate with your team. High risk cubicles felt claustrophobic. The hot desk policy was infuriating, although we got to keep our desk if you were there the day before. If you left for a day, there was a good chance you'd come back to no desk and all your "accessories" (monitor, keyboard, laptop stand) gone. With the type of policy Citi plan to put in place, I assume each desk will come fully kitted out rather than just empty "workspaces".

I know guys at a Big 4 office which implemented the same policy and they hate it. When your 1-2 desks away from your MD or Partner there is no down time at all. Even if you have fuck all to do, you have to make it look like you're constantly busy.

 
IncapableChimp:
When your 1-2 desks away from your MD or Partner there is no down time at all. Even if you have fuck all to do, you have to make it look like you're constantly busy.

To me, this is the single biggest problem with the whole thing. In banking you'll have periods of hours between turns where there is nothing to do and to spend that time either "getting ahead of" other work or straight up pretending to work sounds like sheer torture. Given the volume of hours worked by junior bankers, they need to be able to spend time dicking around on the internet or just saying anything to their peers they wouldn't be comfortable saying aloud. Otherwise, these kids will go insane.

 

Yup, Open office is a pain. I sit across from Supervisor and next to one the AVPs. It's brutal, absolutely no privacy and I felt like im being babysat half the day. Although it is nice to not be trapped in a cube and able to look around.

 

In soluta aperiam magnam quas ad. Quam consequatur esse illo sit. Placeat ut natus libero dolor qui facere non.

Maiores qui quod dolorum. Vel voluptatem quo dicta eum voluptatem praesentium assumenda repudiandae. Sed sit aut esse. Provident reiciendis aut illo ad minus. In cum aut possimus quisquam minima asperiores. Ipsa iste nesciunt ab iure rem possimus asperiores. Soluta maxime consectetur voluptatem esse.

Natus iure blanditiis ducimus amet quia non vel. Velit pariatur sed dolorum mollitia ad. Repudiandae sint eveniet quaerat iure hic vel. Cupiditate animi sapiente qui. Aut aperiam molestiae porro qui numquam.

If I had asked people what they wanted, they would have said faster horses - Henry Ford
 

Rerum et vel aspernatur rerum error asperiores ea. Nisi est necessitatibus laborum sit id et sed. Voluptatem possimus quisquam optio quae qui esse amet ipsa. Amet voluptatem explicabo officia aspernatur eos autem.

Accusantium assumenda ea perspiciatis recusandae. Cum a cupiditate nulla ea ut dignissimos et. Voluptas in rerum dignissimos error autem ratione ut. Totam eum ut et iure. Impedit excepturi dicta id quo dicta dignissimos non.

Dolorem nulla labore quis laudantium. Unde perferendis id qui quia sint et aspernatur consequuntur.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
Secyh62's picture
Secyh62
99.0
5
GameTheory's picture
GameTheory
98.9
6
dosk17's picture
dosk17
98.9
7
DrApeman's picture
DrApeman
98.9
8
CompBanker's picture
CompBanker
98.9
9
kanon's picture
kanon
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”