Thread regarding Citigroup Inc. / Citibank / Citi layoffs

Agreed

I’m not a big fan of how invasive Citi wants to be in your life outside of Citi.

Get a Covid shot, mandatory.
If you have a part time job, get approval first.
If you participate in any political campaign as a volunteer, get approval first.
If you own a business, get approval first.
If you are on any board such as a technical review board outside of Citi, get approval first.
If you contribute $ to a political campaign, get approval first.

If you are a CEO or in the upper management tier, I can see the reason for some of that but for peon’s like me, no I can’t.

As a general rule of thumb an investor does better in the market when you average down. Meaning invest as a regular interval on a routine throughout the year vs. the same amount of money all at once. It does not apply in regards to the company match because naturally the company could care less about “what’s best for you”.

Citi pays at year end but if you’re laid off mid year you will get whats owed to you up to that point which means you won’t lose what you’re entitled to. For example you only work 6 months in 2023 and contribute to the 401K for 6 months of 2023. At some point, citi will deposit 6 months worth of payments into your 401K fund. You might even get it as you’re laid off as part of your separation package.

Citi is no better nor any worse than any other bank.

Correct. So at the first of the year, they have Jan-mid March in which to lay you off so that you don’t reap that previous years reward that they owe you. Good for you Citi, good for you. Well played. Really showing off those company values, leading by example in integrity.

At. Citi it’s year end ( paid actually in March)

Citi has horrible bonuses so two-fold, the end of year match and three extra pennies

C is really good at setting your expectations that you are replaceable. Oh, they throw out all the corp buzz words to try and make it seem that they are edgey and woke to your needs and you are part of a family but its like any other big business. You are a discardable asset and nothing more and you never will be.

Meh…..bonuses are good so I’ve been told if your role makes money. If your role just keeps the lights on, then your bonus is rather lacking. 0$-2K$.

BNY’s 401k was best in class (match auto-vested and paid each paycheck, 2% annual contribution, immediate participation, no fees), sad to see them take this away - but not surprised. Citi pays 6% matched at year end with a 3 year vesting period and pays much larger bonuses than BNY.

Thank you for the information, much appreciated.

Citi offers 6% paid at year end and yes, its lame.