Does Citi have too many VP’s? Not really. In order to bring someone in OR to retain them, you have to give the a salary that equates to their role\skillset. In order to do that, you have to place them into the VP slot as that provides you the salary range you are looking for. If you want to lower the number of VP’s, just raise the AVP pay scale. This would keep you from having to promote people to VP for the pay that’s needed to keep them at Citi.
A general rule of thumb is if someone offers you 10% more in pay consider the perks as well and make a move. If you are offered 20% more than lean more toward taking it for sure. It warrants noting though that most people would leave for the same money for a 100% work from home position.