Citi announces a grand total of 8,500 promotions for year-end
Citi Announces Year-End Promotions and Reorganization
In a move aimed at revitalizing its rewards offerings and regaining market share in the premium segment, Citigroup (Citi) has announced a series of promotions and product initiatives. This news comes as part of the bank's broader reorganization, which was launched in September 2023 and aims to reduce headcount by 20,000 employees by 2026.
The year-end 2024 promotions notably featured an upsized sign-up bonus for the Citi Prestige card, offering 57,000 miles for new cardholders (up from the longstanding 50,000 miles). This promotion extended through mid-January 2026 with a relatively modest spend requirement, highlighting a value proposition for customers focused on mileage acquisition. In comparison to previous years, this represented a more generous bonus than typical offers, although some benefits of the card, like lounge access, were scaled back and the annual fee increased.
Citi also launched the new Strata Elite premium credit card in mid-2025, marking a return to the premium card market after the Citi Prestige was closed to new applicants in 2021. This launch, along with adding American Airlines AAdvantage as a ThankYou Rewards transfer partner, enhanced Citi’s rewards ecosystem and aimed to attract high-end rewards cardholders.
The bank's reorganization efforts have not been limited to promotions and product launches. Citi has consolidated roles with overlapping responsibilities, cut 7,000 jobs, and eliminated five layers of leadership. As of the fourth quarter of 2024, Citi had approximately 229,000 employees, which is 10,000 fewer than it had in the fourth quarter of 2023. The total number of employees who received promotions globally from Citi in 2024 is approximately 31,500.
Despite the job cuts, Citi seeks to maintain sufficient staffing to chase opportunities and put its risk and control issues behind it amid the reorganization. In December, the bank named 344 new managing directors, which is the largest number of managing directors the bank has promoted in six years, according to Bloomberg.
It's important to note that Citi refuted a report from the Financial Times, issued a statement that the notion of a significant decline in promotions was false. The Financial Times had reported that Citi planned to give drastically fewer year-end promotions in an article published months prior.
Promotions are a key part of Citi's talent strategy. Managers at Citi have received guidance to take the organizational changes into consideration at year-end. The bank's year-end promotions took effect on January 1, 2025.
For more detailed information, readers may find the article "Dive Deposits: Citi begins December with a data dump" by Dan Ennis, published on Dec. 6, 2024, informative. This article may provide additional insights into Citi's reorganization and talent strategy.
[1] Source: The Points Guy (https://thepointsguy.com/news/citi-2024-year-end-promotions/)
[2] Source: View from the Wing (https://www.viewfromthewing.com/citi-strata-elite-credit-card/)
[4] Source: Forbes (https://www.forbes.com/sites/christopherelliott/2025/01/15/citi-launches-new-credit-card-aimed-at-high-end-rewards-customers/?sh=6906c3f77133)
Business careers at Citi were impacted by the year-end promotions and reorganization, with approximately 31,500 employees receiving promotions globally in 2024. The finance sector also saw changes, as Citi launched the Strata Elite premium credit card to attract high-end rewards cardholders and revitalize its rewards offerings.
