Citigroup is slashing the number of year-end promotions it usually awards, as the bank seeks to hold costs down amid a long-term restructuring to shrink headcount and right the plodding bank.
Managers have been told that as many as 2,000 Citi employees could receive a bump to their pay and title in the next month, down from about 8,000 in previous rounds, four people familiar with the decisions said, cautioning that those decisions are not final.
The change relates to “in-seat promotions”, in which the bank awards pay increases and better titles without changing employees’ roles or responsibility.
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