Citi insiders with poor appraisals apprehensive ahead of cuts before and after bonuses
As we reported last week, Citi is cutting jobs before it announces bonuses. Now, it appears to be cutting jobs after it announces bonuses, too.
Get Morning Coffee ☕ in your inbox. Sign up here.
Alongside the bank's 1,000 pre-bonus job cuts flagged last week, Reuters reports that Citi also intends to cut an undisclosed number of employees in March, once bonuses are paid.
The cuts are causing apprehension. Insiders at Citi tell us that in both cases they are wary that the bank has paved the way for mass redundancies with an unusually strict round of performance reviews.
Citi's staff appraisals are based on a rating system. Employees are rated between one (the highest) and four (the lowest). This year, insiders who claim they were historically always rated as a one or two, say they have suddenly been rated as three for "no reason."
"I got dreadful ratings for the first time in 10 years at the bank," one Citi employee tells us. "The reasoning behind it was vague and other internal stakeholders were very positive. I feel very exposed!"
Another Citi insider says long-term employees accustomed to being ranked as 1s and 2s are increasingly being ranked as 3s. "They are targeting long-term high performers by issuing a low performance grade," they allege.
The complaints, which may be unfounded, come after Citi has hired heavily into its investment bank under Vis Raghavan. Despite the addition of numerous banking recruits, many from JPMorgan, Citi kept expenses in its investment bank flat last year.
At the same time, there are early reports of "mixed" bonuses, with some in Citi's markets business allegedly zeroed. However, for 2026, Citi has relaxed its cost guidance with the bank now targeting a group-wide cost ratio of "around" 60%, instead of the below 60% number it was aiming for previously.
A Citi spokesperson said: "Citi has always held our colleagues to high standards, and we will continue to do so as we build on the strong results we’re delivering." They added that Citi will continue cutting headcount this year and that the cuts, "reflect adjustments we’re making to ensure our staffing levels, locations and expertise align with current business needs; efficiencies we have gained through technology; and progress against our transformation work, which is nearing target state. "
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Signal: sarahbutcher.22 Click here to fill in our anonymous form, or email editortips@efinancialcareers.com.
Bear with us if you leave a comment at the bottom of this article: comments are moderated intermittently by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. You must take sole responsibility for comments you post on this site. We will take reasonable steps to weed out anything that we consider to be offensive or inappropriate.
