I know in October, it is already decided about your next compensation and bonus .
Any senior manager here who can enlighten us ?
21 replies (most recent on top)
@as Never seen a more helpful, more informative comment on this site than this one. Thank you!
@as this was very helpful. thank you.
@yh so now your argument is - of the thousands of companies that use this very standard, Mercer-type scale, they’re all bankrupt or on the way? Someone should certainly tell JP and all the other banks you continuously quote as better in every way…considering they also use a Mercer-type rating system and are far from bankrupt.
It’s much more compelling when someone argues a point of fact vs wildly asserting things that are so easily disproven- you’re just insulting your readers.
That was only one example.
Several companies have done the Enron ranking system.
Most of them went bankrupt, and those that still exist have a Toxic Dysfunctional culture and are financially struggling....just like Enron.
Rome wasn't built in one day, and Rome wasn't destroyed in one day.
@h5 so one company did it, wasn’t the first to do it, went under, and everyone else continued it. That’s your argument ?
The Bottom 10% Bucket is accurate.
I've literally been in meetings where the MDs said they were ordered by HR and their own managers to FIND Bodies, employees who will get placed in the Bottom 10% Bucket regardless of actual work performance because employees are rated relative to other employees' work performance.
And so even if you don't deserve to be placed in the Bottom 10%, if you're even so much as perceived to be borderline relative to your co-workers, you're Fvcked!
You're getting Rated 4s on some or all of the ratings categories. This leads to Zero Bonus and also possibly a PIP.
Enron did the above......Enron NO longer exists, blew up itself, Arthur Andersen LLP and the World's economy 🌏 to kingdom come!
Yeah, that's why Citi needs to Layoff thousands of employees from its high of 245,000 in year 2022 down to its Bora Bora goal of 180,000 by 2027.
Citi has financial, data and operational problems NO other financial institution has.
It can't even pay decent salaries and bonuses for its employees, has been struggling since year 2000, and practically went Bankrupt during the 2008 to 2010 Recession until the U.S. government gave it $45 Billion bailout money.
Then Citi was ordered to pay a measly US$ 7 Billion in fines in year 2014 for mortgage fraud, fleecing customers and investors during the 2008 Recession.
NO wonder Citi is Broke As$ Poor and financially struggling. The writing is on the wall. Citi is a Potemkin Village.
Anyone can Google the above. These are NOT lies, fabrications or hyperbole.
Meanwhile, Citi is always and forever will be envious of Goldman Sachs and JPMC according to the PowerPoints shown in every Town Hall meeting.
JPMC has 320,000 employees And is STILL Hiring. Meanwhile, Citi can't even handle and pay for its current 215,000 employees, even after Laying off 7,000 in the first 6 months of year 2026.
MD told his managers and their managers to become mean while give ratings , 4 will be common this year,
Those who don’t go to office or don’t complete trainings on time will be badly impacted.
@eh the best way to judge the veracity of a post on this site is how many down votes it gets.
@ck Citi is not struggling financially you dolt…
@h6 LOL not HR an ex employee in Capital forecasting. All these HR comments make to look like the mo--n that you are. This places lucky to get 30 post a week. HR doesn’t care
Hello, HR.
You just confirmed that especially if employees are Not customer facing, they'll get Bonuses-Rated 3s regardless if they're exemplary Star ⭐️employees.
So why bother to go above and beyond doing the Bare Minimum work??? Most of us will get Rated 3s-Bonuses-Salaries anyway.
Stated another way, if a "C" Grade = Score 70 and employees are taking an Exam, 70% of those employees who score between and 70 to 100 will be Graded "C", NOT "A", Even if the employees achieve a perfect Score 100 on their Exam.
NO employee in their right mind will do the extra work to get the same Bonus/Salary as they would've gotten anyway doing Half the work or effort!
Looks like Citi HR and MDs'-Directors' greedy 💵 Nerves were Struck! LOL!
It's Not even a hyperbole or insult when Citi blatantly uses Convicted Felon CEO Skilling's methods of determining and rating employees, and their Bonus or lack thereof.
CEO Skilling mandated every year 10% of employees are graded and placed in the bottom 10% Regardless of actual work performance.
And so even if you do Not deserve to get Fired and placed in the bottom 10%, you're going in there because all employees are rated-graded relative to other employees! This IS A CURVE.
The bottom 10% were FIRED and literally walked out the door by security on the same day they were told about their Low Raitings-Grades!
The above Cold, Callous, Inhumane and Draconian 🧛♂️🦇 practices amongst others, and its Toxic and Thieving corporate culture fueled Enron's demise as well that of its own Accounting-Auditing Firm, Arthur Andersen LLP.
Millions of investors, customers and employees got truly Fvcked by Enron. The horrific events still reverberate and are felt today, and probably forever.
Not only were we already in the midst of a Recession starting in year 2001, but Enron added Fuel to the Fire! It WAS an energy company alright!
But Citibank is following in the inglorious path and footsteps of Enron and CEO Skilling.
We've watched this Enron movie before. It ends horribly.
@ck where did I say that? Such lazy trolling “Citi uses a fairly generic rating system used by thousands of companies so they are broke”. What? That’s just an objectively silly thing to say. “Citi made a woman CEO and no man will ever be promoted again”. See? It’s a very silly logical fallacy we learn about in grade school. Everyone burned kilojoules of caloric energy to read something that’s the intellectual equivalent of mashing the keyboard. Different shape, exact same value.
@eh they don’t use nothing… they absolutely know what most of the revenue roll looks like for ROY. It’s not hard math: they take some base number as a proxy and then true it up later in the game. Went back and checked - we were submitting comp numbers the first and second weeks of December for years.
@dh This is accurate in my experience. Ratings are decided, bonus budget isn't even known yet and I don't think it will be known until Q4 results are announced.
Not sure why people are giving thumbs down to it.
@as 3/3 is the sweet spot especially if not customer facing
It's not decided yet. Even in early January there's usually still some wrangling and adjustments being made. What's decided now-ish is your performance ratings.
@ck Are you ok, my friend?
I think I also saw you ranting on Facebook that people are not posting about Faces and Books.
The audacity! Really??? This site is called www.thelayoff.com.
People post here because they're worried and scared about Citi's ongoing years long Layoffs, how they're going to feed their families, pay for mortgage/rent, medical expenses/insurance, retirement etc. etc. etc..
But you're selfishly and greedily asking about how much of a SH!T Load of Money 💵 you're going to get from Bonuses and salary increases ???!!!
Waste another site's time and space and go look for a website www.howmuchbonusmoneyamigoingtoget.com.
With that being said, the MD below just confirmed and verified that Citi is Broke AS$ Poor and caps the Bonus, Ratings and promotions numbers NO matter if you're a Star ⭐️ employee Rated 1s. Employees are graded/rated on a curve. And so No matter how good you are there's a strong possibility you will NOT get the Bonus and/or promotion you deserve.
So why bother working and going above and beyond expectations?? Just work and do the Bare Minimum.
Citi Employees work in a Darwinian Dog Eat Dog environment, and every employee is competing against their coworkers.
No matter how good of an employee you are, the majority of employees will be graded/rated and get the Bonuses of Rated 3s, about 70% under the Gaussian curve.
Since Citi is financially struggling especially after having paid US$7 Billion in fines in year 2014 because of mortgage fraud during the 2008 to 2010 recession-mortgage crisis, instead of 70% it's more like 80% of employees are getting Rated 3s type Bonuses NO matter how good the employees are.
Citi uses convicted Felon, Enron CEO Jeffrey Skilling's methods and philosophy. How appropriate that Citi is following in the footsteps of Enron and a convicted Felon for fleecing investors, employees and the public!
He misinterpreted Richard Dawkins' book, "The Selfish Gene" according to Dawkins.
No - it generally starts early November, it depends on when your indicative pools publish, and wraps up in mid-December. I can speak about my approach. In our organization, like most, the compensation process is progressive - so the more junior managers/Ds/layered MDs (pre-Bora Bora) make decisions and then those decisions get reviewed by more senior managers, their managers, etc. Best practice is to have all 1/1, 1/2, 2/1 ratings reviewed by committee / leadership (so CXO - 1 + their directs) to agree (“calibrate”) and discuss what kinds of behaviors / results align with the leadership scales and equate to a 1/2/3/4. MDA (compensation system) opens up in November and will get pre-loaded with comp recommendations based on what’s effectively pool x C level x ratings. Ratings get reviewed against a curve (If I have a 100 person team, I’ll be told 5 can be a 1/x, 5 can be a x/1, 15 can be a 2/x, 15 can be a x/2, etc etc). 1/1 are rare because a. they should be and b. because it consumes two “rare” slots vs the comparatively pedestrian 1/2 or 2/1. Managers are told to adjust problem areas on their curve or can ask their manager (at that level, usually an MD) to “borrow” from another part of the curve or org - so another manager (god help one who missed targets) may have to give up some of their pool or knock someone down on the curve to match the adjusted pool. Changes can be made (with or without your consent: again, the more senior you are, the later you can make changes as comp locks cascade upwards) until mid-late December. If you are more senior, there is a risk narrative that gets published twice a year specific to you - so my risk group rated me on how well I addressed control issues and gaps, then there’s also CART (I think it stands for Compensation Accountability Rationale Tool) which will contain any disciplinary issues, major milestones missed on a tracked / firm-critical project, etc - senior employees have scorecards that take into account policy violations and a number of objective data points that have a very formulaic modifier effect (downward) on your comp. HR will modify your incentive comp and your manager has to either argue why you shouldn’t be knocked down (super rare) or agree/accept it. This can lead to restrictions on your leadership rating - so even if you were a 2/2 - your manager may be told you are a 2/4 if you really f’d up from a conduct perspective. Comp is delivered to most employees in January, though material risk takers and more senior “named executives” do not receive comp/bonus until late Feb or Mar. When everyone on here was hysterical about the senior people leaving in March vs “right after bonus” and thinking it was some sign it was actually right after bonus for them.
There’s also lots of horse trading and alignment to the promotion process, so a good manager should be fighting for pay for the best people and promotions where it makes sense (I’ve had to support promotions for peer’s nominees so that they would agree to exception ratings or comp for my high performers), needing to self-fund bonus “guarantees” because they’re not really budgeted that way in larger orgs, needing to agree on how you treat all the new people. Success should be defined slightly differently for someone new in the org or to the company - you’ve got to incentivize them integrating and, ideally, thriving in their work environment because that is the best way to get the best work product out of a group. Everyone’s a cynic and I get it- but there are many orgs that put a ton of time and effort into dividing a scarce resource pool relatively fairly.