Citi Offers Over 8,500 Year-End Promotions in Total
Citi, one of the world's leading global banks, made headlines in December 2024 with its year-end promotions. However, contrary to some reports, the bank was not mentioned in the article "Dive Deposits: Citi begins December with a data dump" by Dan Ennis, and no licensing rights are mentioned.
Amidst a reorganization that aimed to reduce headcount by 20,000 employees by 2026, Citi sought to maintain sufficient staffing to chase opportunities. The bank eliminated five layers of leadership and consolidated roles with overlapping responsibilities as part of the reorganization.
In a move that garnered attention, Citi cut 7,000 jobs in 2024, with more layoffs occurring in January 2025, affecting managing directors in Citi's wealth and technology businesses, as well as employees that deal with data and analysis on bank customers.
Despite the reorganization and job cuts, Citi issued a statement refuting reports of a significant decline in promotions across the bank or other releveling. The bank gave year-end promotions to approximately 8,500 employees in 2024, with the total number of employees who received promotions globally reaching approximately 31,500.
Interestingly, Citi announced these promotions on LinkedIn, and the year-end promotions took effect on January 1, 2025. The Financial Times reported that Citi's year-end promotions figure for 2024 was on par with previous years.
In a notable development, Citi named 344 new managing directors in December 2024, which is more than the 304 named in the previous year. This was the largest group Citi had promoted to the managing director role in six years, according to Bloomberg.
However, there is insufficient information to confirm whether Citi significantly increased year-end promotions in 2024 after its reorganization or how that compares to previous years. The ongoing restructuring and cuts within Citi, as recently as 2025, might imply a more cautious approach to promotions, but this is not explicitly linked to year-end promotions or 2024 performance.
In conclusion, while Citi's year-end promotions in 2024 were significant, the exact scale of the increase and comparison to previous years remain unclear based on the current search results. The bank continues to undergo restructuring and changes, and its focus on maintaining a strong workforce amidst job cuts suggests a strategic approach to its promotions policy.
Business and finance continue to be key focus areas for Citi, with the bank announcing its year-end promotions in December 2024, despite undergoing reorganization and significant job cuts. With approximately 31,500 employees receiving promotions globally, careers within the bank remain a priority.
