Citi has decided to shorten its analyst program from three to two years, reducing the path from analyst to associate from six and a half to five and a half years. This change will also apply to current third-year junior analysts who are set to be promoted on January 1 if they meet performance standards, aiming to retain young talent against growing competition from private equity firms. In 2024, private equity firms began recruiting bankers after less than one month of experience, compared to eleven months in 2010, according to Odyssey Search Partners. Simultaneously, the rise of artificial intelligence in investment banking, with 175,000 Citi employees trained on AI tools, is also contributing to this reorganization. CEO Jane Fraser announced the possibility of cutting up to 20,000 positions as part of a cost-saving plan.
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