Sources indicate that Citigroup (C, Financial) managers have been informed that up to 2,000 employees might receive raises and promotions next month, significantly fewer than the approximately 8,000 employees in previous rounds. These changes pertain to "in-seat promotions," which involve salary increases and improved titles without altering job responsibilities. However, these decisions are not yet final.
A Citigroup spokesperson emphasized that promotions are a crucial part of the company's talent strategy. Despite the ongoing year-end processes, the spokesperson refuted claims of a significant reduction in promotions or role adjustments across the bank. Earlier this year, Citigroup underwent a comprehensive organizational restructuring, which included promotions and role changes for a substantial number of employees. Managers have been advised to consider these factors at year-end.
