Story 7

In 2024, in the drive for operational efficiency, a.k.a. cost reduction, across Citi Wealth there was a wave of “demotions” to downgrade employees’ corporate rank. Majority of the downgrades happen to those at the level of C15 which is typically senior Director level reporting to Managing Directors at C16. These downgrades from C15 to C14 mean the employees have little to no prospect of pay increases or promotions, and tend to lead to a spot on the redundancy list.

I have never seen any other banks downgrade employees’ corporate ranks. Not only is the practice demeaning, but also in the territory of HR malpractice. These employees continue to perform the same job responsibilities. Typically the roles should have been opened for employees to apply at a lower rank, allowing current role holders to stay or leave on their own accord and merit. Management should explain the role scope or nature has changed to warrant a lower rank.

The management didn’t provide compelling explanation other than that if a C15 employee does not have any direct reports or also reports to another C15, then s/he is a C14. That undercuts the fact that there are individual contributors with significant responsibilities and contributions or the fact that a bloated organization with notoriously convoluted bureaucracy, by its very nature, begs to have hierarchies that necessitate same rank reporting. What’s most disturbing is that diverse women being demoted far outnumbered white men. Many of these diverse women in my team were demoted before they were assigned to me and then were put on redundancy list by my line manager in spite of my pushback. Citi does not take pushback well. They cannot have honest debates and there is no psychological safety. See something, say something is not practiced widely.

I am disheartened to see how HR initiated and enabled this kind of malpractice that’s blatantly targeting diverse women!