Citigroup and UBS bankers are the most fearful in 2024
Our bonus and job markets expectations report, which we wrote about last year, had more question themes in it than just salary and bonus numbers - we also asked how everyone was feeling about their job security, among other things.
The table below shows the percentage of people who voted “yes”, by bank, to the following question: “Are you fearful about your job security?”.
Who expects to feel most secure in their job next year? As the table shows, the best spots seem to be at BNP Paribas. A lot of that might come from the bank’s DNA – it’s rather difficult to fire people in France, and it seems that that culture has spread across the rest of the bank’s footprint. One Singapore-based associate at BNP Paribas told us that it plain and simply “doesn’t fire”. Fearful bankers at UBS and Citigroup are very unsurprising, however. A lot of our survey respondents from UBS named the merger with Credit Suisse as a reason for their job insecurity, across three different continents.
The presence of Citi, which had the most insecure respondents, is also not a surprise. The bank is in the midst of its substantial “Bora Bora” restructuring. CEO Jane Fraser introduced wide and sweeping reforms of the bank’s management layers, with some of its ultimate goals including reducing the bank’s management layers – from 13 to 8 – as well as eliminating 60 committees, with the aim of freeing up “tens of thousands of people hours annually”.
A lot of respondents to our survey named Citi’s restructuring as a concern for their job security. One of them, a tech junior in London, called it “the mighty restructuring”. Various VPs, in sectors ranging from M&A to sales & trading, also named the restructuring as a point of concern. Layoffs might not have to generate fear in everyone, however. And yet, one Barclays analyst in New York, another bank undergoing a bit of a shake-up at the moment, said that he had no job insecurity because he’s “the only one who knows how to do my specific job after multiple managers left.”
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