I started back in March. I am wondering has Citi always been behind the curve when it comes to benefits and bonus.
@2upc+1pT4i78B: You do not know all the benefits from outside the company...
When I joined Citi I did Not know Citi was subpar and so behind its competitors in Benefits, salary increases, bonuses, promotions, basically everything.
Why did you join Citi given the subpar benefits.
Good luck trying to take parental leave. FMLA is not adhered to at Citi
Because Citi is Not profitable compared to its competitors, Citi can Not afford Benefits on par with its competitors, in addition to having low salaries, low bonuses and fewer promotions. An increase in In-Seat and in some cases Out-of Seat Promotions means increasing base salary which Citi can Not afford because Citi is Not profitable. The root cause of Citi's problems Not being profitable compared to JPMC, Goldman, BofA and Morgan Stanley. I'll wait to see if I'll get laidoff and do quiet quitting, as little work as possible as others have posted until I know for certain Citizombie is keeping me. I'll also try for as long as possible to wait out this Recession. After April 2024 or when this Recession subsides a little, it's time to leave Citizombie "bank" for greener pastures, better salary, bonus, benefits and promotions. Citi is De@d Man Walking anyway like Wells Fargo and HSBC.
As others have posted, Citi is Not profitable compared to JPMC, Goldman, Morgan Stanley and BofA. And so, Citi can Not afford to pay salaries and bonuses, and give promotions on par with its competitors. Hence, Citi ends up hiring mediocre to below average trash that those 4 competitors will Not hire or promote. Citi's closest peer is Wells Fargo. And we all know Wells Fargo has equally serous problems and dysfunctions like Citi. In 3 to 5 years Citi will be merged with JPMC or Wells.
The medical insurance is awful at Citi. There is no excuse for it. They are a large company with bargaining power. The out of pocket max is insanely high. I worked at a competitor and paid half as much in premium for much better insurance. It was 90/10 coverage, not 80/20 like Citi, and the cost was half as much. Unexcusable!
At the top should be insurance premiums being absurdly high. A friend who works at a well-known technology company (also in NYC), pays less than half of what I do for his insurance -- and he is the same career level as me. This amounts to a couple thousand dollars a year in disposable income -- it's not nothing. People need to factor this in when accepting a job here.
Citi used to have no paternal leave. I think it was only around 2014 or 2015 that they offered anything at all and then it was only 2 weeks.
The benefits were solid… about ten years ago. Since then there have been no confidant changes and Citi is falling behind. The medical plans in particular su-k.
BofA gives out stock, both mom and dad’s get 16 weeks for child birth, once a year and extra 3% goes into their 401k as a replacement of their old pension(plus matches 6%)….I agree with the OP. Citi is a bit lacking on benefits. Salaries do seem a bit higher though.
401K company match is only paid out annually. Not sure your point. Salary over $200k gets opportunity for group universal life insurance.
Stock purchase is different from stock options - original question is about stock options... Regarding stock purchase - would you like to buy Citi's stock, even with 10% discount?
You don’t have to be a startup to offer a stock purchase plan. Many larger well established companies do such as Microsoft. Also in comparison to other companies the bonuses are below average is my take on it. The rest is average at best but that’s the thing. Citi acts as if the comps given are the greatest thing as if no other company could ever match much less beat it when it fact…..at best….Citi is average.
All large banks offer similar comp and ben. If Citi was way off the market then it would have lost many people. No big bank offer stock options, banks are not start-ups. Also, comp and ben depend on seniority and role. For instance, it is impossible to get stocks award as part of the annual bonus if you are below Director level in middle office, whereas even associates in investment banking can get stocks awards.