I had high hopes for my annual review. My manager went on and on about how valuable I was to the team. For all of my long hours and picking up the slack of my co-workers, I received a 2.5% raise. Far, far less than last year. Bummed.
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Ouch….Citi stopped being competitive a long time ago ever since they accepted the most money than any other bank during the bailout but this…..well ouch.
Bank of America awarding $1 billion in stock to employees for 2021:
https://www.marketwatch.com/story/bank-of-america-awarding-1-billion-in-stock-to-employees-for-2021-reuters-2022-01-26
I’m sure Citi will match that for their employees. Well….the upper echelon anyway, just not the masses. So long as they are taken care of all is well.
Citi stock is projected to be 79$ in the future. This is good but just because its evaluated to be this price, its no guarantee that it will reach it. It’s an evaluation projection. Also, if it does reach this price, it needs to have a roadmap to remain there and hopefully grow to beyond that. As another poster has already mentioned you gotta have some sorta plan in place other than an ESG push. ESG stuff is great but does nothing to bring in money.
Some people are delusional. We are all assets to be used, traded or discarded at will. So long as you are willing to continue to do the work without complaint, the more will be piled on your plate. If you complain too much about it then you get the “you’re not being part of the family” speech.
Bottom line, its a freaking job. A way to pay the bills. If you are being worked and are not being appreciated for it, then move to a different group OR move to another company.
If you don’t like your environment then change your environment, simple as that.
LOL. That’s funny.
Not to worry guys. We are going net 0 carbon by 2050 as a continued focus going forward. This will certainly bring money to the table for us all. We will soon be riding the gravy train on biscuit wheels.
Raise is no longer competitive.
It’s common knowledge that if you’re a money generator, you get the bigger raises+bonus. If your role just keeps the lights on your comps are either average or less than average.
You can be a necessary expenditure for Citi that helps keeps the lights on but if you aren’t in a role that actually generates the cash, don’t expect much. UNLESS you are in the mgmt role.
Raise sucked so I already have an interview at a prestigious investment bank I cant wait to leave citi. I encourage you to explore your options
I have to be vague, sorry about that. I had a colleague in very valuable and highly visible position. He took on added responsibility from someone who left. He was offered the role of a team lead. The $ offer made was no where near market value. He was told it was the best they could do. He gave notice the next day and quit all because the $ wasn’t there. It’s sad to see such talent walk out the door. HR told mgmt you’re not going to get the skills you want for the amount of money that is being offered. All in all the pay is not competitive.
I did the same thing. Loaded up the retirement account with C stock. I had hoped for a massive comeback after the bailout. It’s been many years now and it appears to not be in the cards.
I guess is you get no raise or 1% it’s time to start looking for another job.
I would never put a bunch of Citi stock in my portfolio. Enron, c’mon!
Your salary is dependent on Citi, your investments should be diverse. I’m a bit older so less risky, but I’m all for index funds ( all different types) and let it ride.
I’d love a decent dividend payout. I’ve placed a rather large chunk of my 401K in C stock and in comparison, its not all that great to other peer stocks AND their dividend payouts. I feel like a chump in placing so much faith and hope in that 401k selection.
Same thing every year over performance reviews. He said, she said etc…. Some got a little, some got a lot. I do have to admit though, I too have not seen a whole lot of action on a game plan going forward. Not that its not taking place and we just don’t know about it, that’s true but it’d be nice to see some sort of a plan for growth and increased revenue and dividend payouts but so far nada.
Same guy complaining in every post about LGBT. Get over it. Being an LGBT friendly, supportive company is important. Stop being a bigot or go work for MyPillow
Money….it’s all about the money. We’ve no new initiative to get it. In fact when we do get it, we give it away to Revlon. WTH?!?!? All we can come up with is ESG and LGBT friendly chest beating. I’m not really sure how that’s supposed to generate revenue but that’s all we’ve got. With no money, raises are sparse as inflation rises.
If you aren’t rewarded according to your work then maintain a mercenary mentality. You pay me “x”, you get “x” in return. No more, no less. Gone are the days of 10+ hr per day. Give them 8 and what does not get done, waits until tomorrow, period. Things don’t look up, then move on to the highest bidder elsewhere. For Citi, take that blind loyalty and pack it up and place it somewhere else. Trust me, you’ll be less frustrated, more free time and happier.
@dmk+1eSJ2D43
On a regular year 1-5% might be the norm, but there is inflation being reported at 7% and we all know it’s at least double that. So even with a 14% raise, you would not break even with inflation and where it’s going. Minimum 20% raise to stay afloat.
- 5% means they don’t care.
Many people knew their raises ahead of time back in the fall because when you go to select benefits, specifically, additional term life insurance, it’s based off your annual salary ( you can choose 1 x base, 2 x base, 3 x base, all the way up to 10x base) I saw a 23% increase starting in 2022 for that year’s benefits and so did my coworker, she got 24% increase. But I don’t work at Citi (left years ago).
Other companies pay better than Citi. Fact. No HR lies. Go google the pay increases that JPM, MS & GS doled out to retain talent in 2021. And these were the entry level roles that got bumped up. This has been in the news since last August when some of these companies gave out off cycle raises to overworked employees who threatened to leave.
Look at yesterday’s news, GS is give big raises across the company because of inflation. These are facts.
25k increase this year. Not bad.
Most years merit raises are between 1-5% ( that HR person who commented is full of it).
This year for my area, they were higher, but also to retain talent, they did a market rate adjustment on top.
Looks like JPM, MS and GS all gave out awesome raises across the company. GS gave as much as 33% salary increase to some in junior roles and 40-50% bonus increase over last year’s bonuses. That’s why their stock was down yesterday 8%, they missed estimates because they increase pay and invested in their talent. Smart companies plan ahead. No doubt their stock price will come right back. Buy the dip.
- 5% is an insult, unless you are at your pay ceiling in your job role, they may have no choice but to cap your salary.
Here is what they do….when they don’t give out top $$$ they praise you with words and say how valuable you are to the team in your review. Then if you are doing a really great job and you get that 15% raise, they rate you mediocre, they never give top dollar with high reviews, they spread it around. When you get a title change (promotion), you don’t get a raise, you only get told you’re in a high bonus pool, blah, blah, blah. They know most people like the esteem of a higher title. They can never give out too much good news to one person, they have to place people in certain categories, despite the fact they may have a team of top performers. Someone always gets in the lowest rating. And sometimes the person with the best review gets the lowest raise or bonus.
Yeah, it’s messed up.
Learn to read HR between the lines.
Of course top brass is well insulated. Always have been, always will be.
Work vs reward. If the work is there but the reward is not, then leave. Simple as that. Company loyalty is thing of the past.
Exactly, if inflation, which is quite evident, has risen but your raise has not then its time to go. Especially if you’re given various words of praise and how valued you are but nothing to show for it.
I honestly don’t think too many people expected too much though. Like its been said by different posts already, Citi lost, gave away, misplaced however you want to look at it 100’s of millions of dollars and then fined about 400 more to boot. You recoup that loss by NOT giving out raises\bonuses and\or layoffs, which still may come.
Rest assured though that top brass got theirs, its just that you did not. You, not them, will suffer because of the money mismanagement. The great resignation is a real thing for a reason.
We got merit increases and market rate increases, range between 10-20% total between the two types of raises
Same. Started applying for new jobs as soon as our talk was done. If you can't even match inflation, you can find someone else to pi-s on.