Citi's year-end offerings accumulate to 8,500 in number
Citi Announces Year-End Promotions for 2024
Citi, one of the world's leading global banks, recently announced its year-end promotions for 2024. The bank promoted approximately 8,500 employees, marking a significant increase from the previous year.
According to a LinkedIn post by the bank, 344 new managing directors were named, up from 304 the year before. This group, reported by Bloomberg, was the largest cohort of managing directors promoted in six years.
The promotions came amidst a reorganization at Citi, launched in September 2023, which aimed to reduce headcount by 20,000 employees by 2026. The reorganization resulted in the consolidation of roles with overlapping responsibilities and the cutting of 7,000 jobs.
Despite the reorganization, Citi has sought to maintain sufficient staffing to chase opportunities and put its risk and control issues behind it. The bank had about 229,000 employees as of the fourth quarter of 2024, 10,000 fewer than in the same quarter of the previous year.
It's worth noting that the Financial Times reported that Citi's year-end promotions figure for 2024 was on par with previous years. However, a conflicting report from the Financial Times in January 2025 suggested that Citi planned to give fewer year-end promotions, as few as 2,000.
In response to these reports, Citi refuted the claims, stating that its year-end promotion process was still ongoing. The bank's statement in November also denied the notion of a significant decline in promotions across the bank.
However, there are no specific details available about how many promotions Citi gave in 2024 compared to the initially reported number or about the reason for any difference in promotion numbers.
In January 2025, Citi cut jobs affecting managing directors in its wealth and technology businesses, as well as employees dealing with data and analysis on bank customers, according to Bloomberg. These job cuts were not part of the year-end promotions.
The year-end promotions at Citi took effect on January 1, 2025. Spokespeople for Citi did not immediately respond to a request for comment regarding the discrepancies in the reports about the number of promotions.
The promotions at Citi in 2024 were a significant boost for finance-focused careers, with approximately 8,500 employees being promoted, marking an increase from the previous year. With these year-end promotions, many employees found themselves propelled into senior business positions, furthering their careers at the global bank.
