Citi's year-end bonuses amount to 8,500 in total.
Citi's Year-End Promotions in 2024: A Closer Look
Citi, one of the world's largest financial institutions, has been undergoing significant changes in recent times. The bank announced a reorganization plan in early 2024, aiming to reduce its headcount by 20,000 employees by 2026. Part of this restructuring involved the elimination of five layers of leadership and the consolidation of roles with overlapping responsibilities.
Despite these changes, Citi also made promotions a key part of its reorganization. In December 2024, the bank named 344 new managing directors, marking the largest promotion of this role in six years, according to Bloomberg. The total number of employees receiving promotions globally in 2024 is approximately 31,500.
However, there is some discrepancy in the reports about the exact number of year-end promotions Citi gave in 2024. While some sources, including Citi's own LinkedIn post, suggest that around 8,500 employees were promoted, others, such as the Financial Times, reported that Citi planned to give fewer year-end promotions, as few as 2,000. Citi refuted this reporting, stating that its year-end promotion process was still underway.
The Financial Times also reported that Citi's year-end promotions figure for 2024 was on par with previous years. However, without specific data or announcements about the number of year-end promotions or detailed comparative analysis with previous years, it is difficult to definitively say how the 2024 promotions compare to those of previous years.
The reorganization also resulted in the cutting of 7,000 jobs. In January, Citi cut jobs, affecting managing directors in its wealth and technology businesses, as well as employees that deal with data and analysis on bank customers.
Citi seeks to maintain sufficient staffing to chase opportunities and put its risk and control issues behind it. The bank has been focusing on streamlining its operations, exiting consumer banking in several international markets, and refocusing its efforts on its core businesses.
In conclusion, while Citi has made significant promotions as part of its reorganization, the exact number of year-end promotions in 2024 and a comparison to prior years post-reorganization is not disclosed. For more specific information, it might be necessary to consult Citi's official investor relations releases, press announcements, or financial reports from late 2024.
Business-related changes at Citi, one of the world's largest financial institutions, continued throughout 2024, with both promotions and job cuts occurring. The bank named 344 new managing directors in its largest promotion of this role in six years, while also reducing its headcount by over 7,000 employees. Despite the discrepancies in the reports about the exact number of year-end promotions given in 2024, it is clear that career opportunities in finance and business at Citi remain a part of their reorganization strategy.
