#raises

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Merit raises are right around the corner!

I can't wait to see what my rating is, and I really look forward to waiting till July to get my increase. It is fun waiting and getting another opportunity to have a second touch point with my boss instead of getting my raise at the beginning of the year.


Does anyone believe their division head has pushed for higher raises for the staff?

Does anyone believe their division head pushed RV and the executive committee to provide higher raises this year? No need to name the division head, just name the division. It will be interesting to see if anyone believes their division head pushed for higher raises.


Just an FYI

Raises don’t save you from layoffs. I got a raise a few months before getting laid off and I was certain I was safe because of it. I mean, they gave me a nice raise, that must mean they value me as an employee and will make sure to keep me, right? Wrong. In the end, it didn’t change a thing. Just so you know.


Raise without promotion?

I've worked and pushed extra hard for my in-seat promotion all year, after years on team and at same low C-level trying to get my AVP which I see as finally earning your stripes within Citi.

I've done pretty well with raises the past couple years and pretty sure I've got to be maxing out my salary in the undisclosed 'salary band(s)'. Been getting signals that it's looking pretty positive for this new year also, but no sign or mention of promo.

Is it possible to be earning within the next band without the badge?


If you are young person, you need to look externally

Older folks can try to ride it out. But if you are younger person you need to look externally for opportunities. Going from 4.5 to 3.5 % is a ~23% cut on 401k match, plus any lost compound interest. Also factor in medical premium increases for next year. Your financial position is now worse, it doesn't make financial sense to continue here (which is obviously what they want so they have to pay less severance). Yea the job market is tight and not everyone can find another job, but financially, you owe it to yourself to look around as you are doing same work for less $. I am not even going to get into bonus and raises because we all know that will be close to 0.


Watching all the good people leave

It's getting pretty empty around here lately. Several of the sharpest people on my team just left for much better offers. And if they managed to get better offers in this job market, you know they're good. It's frustrating because a simple, competitive raise probably would have kept them. But I guess that kind of forward thinking is asking too much from this place.


Aviation Division

I saw MM just posted a position for a new corporate pilot salary of 240k to 320k. I was not aware that MM employs 14 pilots and an additional 21 highly paid support staff.
So let’s just say the average employee expense Is 200k a year that is at least 7 million in salaries plus the cost of the multiple aircraft, including insurance, flight fees, fuel, and whatever else is needed, the total expense is probably at least 10 million per year times the last ten years = 75 to 100 million accounting for inflation. Just so the SLT flys luxury and isn’t subjected to joe public ,the people RC always says MM value so much as our customers. All the while the average employee is nickel dimed on raises and benefits. Anyhow just wanted to share. Happy Holidays to all!


So that is why there is no salary raise

Because first we had to spend it on penalty.
Next year, because we had to spend it on restructuring.
Next year, because we were not done with restructuring yet.
Next year, because it was tough year.
Next year, because we need to restructure again.
This year, because we URGENTLY NEED A NEW LOGO and another AI bull...

This is comedy gold


Getting a Pay Cut...

Got an annual raise of 1.3% as a TDGUS employee. U.S. inflation is probably in the 2.5-3.0% range next year (~2.9% for 2025?) - so I'm effectively getting a pay cut. Why does the bank think this is OK to do? I like working here, love my work, and enjoy collaborating with my coworkers. Rated middle of the pack - I'm not expecting a crazy raise or anything - but at this rate I will have to start looking for another role inside or outside the bank just to keep up with the cost of living. It's just depressing that to see $hit like this...