Citi has become banking industry’s largest unmeritocratic orchard. It is one thing to hire a few select people at the top end of C-suite selectively. But hiring practices are highly questionable at all levels and bulk. Jobs are never internally or externally advertised (just incase it leads to some talented and serving individuals applying !). Even VP level candidates are pre-selected in nepotism, random referrals, etc. and the vacancy posted for a day as a tick box exercise! Nepotism prevails at all levels. Recently a whole team in some of the middle office functions was promoted in bulk due to politics. It’s unimaginable how organisations defeat themselves like this. No wonder it has a reputation of a highly bureaucratic, lazy, incompetent and totally unintellectual organisation. Hail your WFH policy and fat layers of nepo management. Most people only work there because there are always well paid useless jobs at Citi. In a downturn it’s a safe and comfortable bet!
The funny thing is that to sponsor this hiring spree they cut budgets all around the bank (i.e. in tts, the “crown jewel” according to Jane Fraser). And the success of this type of strategy is yet to be proven.
Spot on here - across the board - was not aware of the broader reputation out in the market “a reputation of a highly bureaucratic, lazy, incompetent and totally unintellectual organisation” been in testing approval meetings where the single resource with sole authority to approve has the core asset class wrong for the overall evaluation asking questions about cash equities activity when the product is FX and FX Options.
Anyone have details on this ? **Citi Settles With Ex-MD Who Said She Refused to Mislead OCC?- Seems to be only available on Bloomberg Law? The comments of “vigorously defend the groundless lawsuit” seem to be very misplaced now. The 156 million fine levied on data failings was an interesting area of potential discovery for this case.
Citi and Bank of America do not practice meritocracy as a culture. Instead, they depend on employee referrals, longevity, and internal career networking connections. They are what we refer to as too big to fail systems that are ubiquitously linked with the economy. Their geocentric market positioning strategy envisions a global management approach that treats the world as a single, integrated market by selecting the best people for the job, regardless of nationality. They capitalize on the hidden job market orientation that delivers their talent acquisition needs. These networks of headhunters are the arteries of their competitive performance, which often negates local and regional talent. The movement of human capital across boundaries systematically refreshes human energy without entropy. Building your career networks is key to seeking a career and, as well, upward mobility with these entities.
