In the financial services industry, Citibank is one of the biggest multinational financial services corporations. Founded in 1812, as City Bank of New York (and then later First National City Bank of New York), Citibank is headquartered in Manhattan, New York. The company is ranked at number 30 on the Fortune 500, and as of 2019, serves over 200 million customers across 160 countries.
It became the largest commercial bank in the world by 1929, and in 1974, changed its name to Citibank. In 1998, a $140 billion merger of the Travelers Group and Citicorp resulted in the creation of Citigroup. While Citibank is legally the subsidiary of Citigroup Inc., both entities are practically the same. Today, Citibank has over 204,000 employees and generated a revenue of $97.120 billion in 2018.
If you’re looking for a Citibank job, continue reading to learn more about Citibank employee benefits.
Citibank Employee Benefits Team
Sara Wechter – Head of Human Resources
Sara Wechter became the Head of HR at Citibank in July 2018. She is responsible for global recruiting, benefits, employee relations, learning and development, and diversity.
She has worked at Citi since 2004, having spent time in the Corporate M&A and Strategy team, the Investing Banking department, and as the Head of Talent and Diversity.
Wechter graduated with a bachelor’s degree from Emory University.
What are Citibank’s Employee Benefits?
|Health Insurance||It’s provided to all the employees and their immediate family members.|
|Dental Insurance||Option to choose between two dental plans. Two cleanings per year are covered.|
|Vision Insurance||Provides one free exam and pair of glasses/contacts per year along with discounted prices on other things.|
|Disability Insurance||If you’ve been a full-time employee for more than a year, you get the standard 60%.|
|401(k) Plan||The company matches your contribution up to 6%.|
|Retirement Plan||You are given the option to invest in multiple sources like target-date funds, stock option, etc.|
|Supplemental Workers’ Compensation||You get compensated if you have a genuine reason to not be at work, for example, if you’ve had surgery.|
|Maternity & Paternity Leave||You can get between 12 to 16 weeks for maternity leave and 4 to 10 weeks for paternity leave.|
|Family Medical Leave||You can get paid or unpaid leave if a family member needs medical attention.|
|Work from Home||You can work from home with flexible hours depending on the job you have.|
|Vacation & Paid Time Off||For the first year, you get 2 weeks of PTO. After five years, you get 3 weeks. After 10 years, you get 4 weeks.|
|Paid Holidays||You can get up to 10 holidays (including floating holidays).|
|Employee Discount||You get discounts on gym memberships, online retailers, museums, events, mobile plans, and Citibank accounts.|
|Employee Assistance Program||Employees receive financial and professional assistance in things like legal issues, taxes, etc.|
|Diversity Program||There are certain quotas in departments and Citibank’s career mobility along with the diversity program helps you settle on a job you want.|
|Tuition Assistance||Employees can get reimbursed for their tuition fees.|
What Employee Benefits is Citibank Known for?
Citibank’s employee benefits are very typical compared to other companies. However, the company does a good job of making sure that the benefits provided are among the best in the industry. These include the following:
- Healthcare plan.
- 401(k) match up to 6%.
- Up to 4 weeks of PTO.
- 12-16 weeks of maternity and 4-12 weeks of paternity leave.
- Employee discounts on merchandise, online retailers, museums, cellular plans, and Citibank accounts.
- Family medical leave.
- Medical insurance for retirees.
The company’s 401(k) plan is an extremely defined contribution plan with an ESOP component, a 401(k) feature and a profit-sharing component. It has a BrightScope Rating of 81 and is placed in the top 15% of plans for Total Plan Cost, Company Generosity, and Salary Deferral. The company matches up to 6% of your total contributions, which is above the industry standard.
Citibank is one of the few companies that provides 10 holidays along with 2 weeks of PTO and 3 weeks if you’ve worked for over 5 years, and 4 weeks if you’ve been an employee for over 10 years.
The health insurance plan is available through Met Life and is available to all employees and their immediate family members. It also includes dental and vision insurance. There are high deductibles, but the return is higher.
Compared to the employee benefits of other companies in the industry, Citibank provides a better range of benefits.
How does Citibank Help with Student Loans?
Citibank does not have any student loan assistance programs in place, but it does provide tuition assistance to employees. If you can prove that your education will help with your job and you have a good employment rating, you can get reimbursed for up to $5,250.
Citibank, however, does provide student loans itself, with some employees being eligible for loans at discounted interest rates.
Since the 1980s, college tuition fees have almost tripled. This means that almost 3 times more graduates will likely be burdened with student loans.
This is why platforms like FutureFuel are helping employers develop student loan assistance programs that teach graduates how to pay off student loans and be smart with their finances. FutureFuel is the most efficient solution for corporations that want to provide their employees with student loan benefits.
How do Citibank’s Employee Benefits Change for Different Jobs?
Citibank is a multinational giant, so its benefits tend to change in different regions and countries. Even in the US, there are minor changes according to state laws.
Otherwise, most employees get the same benefits, with the only discrepancy being due to the number of years an employee has worked.
However, certain benefits, like working from home, may vary from position to position. For example, someone in the marketing department can work from home, while a branch teller can’t.
How Has Citibank Improved its Benefits Packages Over Time?
Citibank’s benefits were reduced drastically during the 2008 financial crisis. At that point, the company had to be bailed out by the US Federal Reserve.
Eventually, Citibank paid back the entire loan, with interest, and while the number of employees was reduced from 360,000 to 214,000, the remaining employees started receiving better benefits.
Citibank partnered with better healthcare providers, financial planners, and several other companies to provide discounts to employees.
Are Citibank Careers Worth It?
Citibank is a Fortune 500 company and one of the oldest banks in the US. It has a large portfolio and a worldwide presence, which boosts the value of a Citibank job.
Anyone interested in building a good career in financial services should consider a Citibank career because:
- It provides competitive benefits and a higher-than-average salary.
- It helps you with your education and provides discounted interest rates.
- It has a worldwide presence and good career mobility, allowing you to change departments, offices, cities, or even countries/regions.
- It’s one of the few companies to provide 10 full holidays on top of PTO.
Other than the extensive list of Citibank employee benefits, the group also provides additional banking privileges and financial advice to its employees.
Discover Citibank Jobs and Careers
If you’re considering building your career at Citibank, keep an eye out for job openings on the following platforms:
Citibank Careers in ZipRecruiter
The company’s Careers page lets you search for the roles you want. You can also use the advanced search to search for jobs according to the category, world region, country & jurisdiction, state/province, and city. For Citibank employees, there is an option to search for internal jobs for career mobility. Furthermore, you can connect your LinkedIn account to ‘Match Your Skills,’ and allow the career page to show you jobs according to your experience, expertise, and skills. There are almost 8,000 jobs posted on the site, some of them being for a Senior Java Developer, Lead Security Officer, Trader, Data Quality Lead Business Analyst, etc.
Citibank’s LinkedIn is updated daily with new job openings around the world. With over 7,000 job posts, the jobs include positions such as Digital Content Manager, Digital Partnership Manager, Relationship Associate, Marketing Campaign Manager, etc. The jobs you see at first may be manager-level, but if you search according to keywords, you can find jobs for any stage of your career, including internships.
Citibank’s Indeed page has fewer job postings, but usually has more information regarding a job. There are only 2,500 job postings on the site. They include jobs like Project Manager for Research, Portfolio Management Specialist, Fraud Ops Specialist, VP of Leadership Program, etc. You can also check out the Q&A section for answers to common questions like, “What is the interview process like at Citi?” Furthermore, you can check out reviews from former and current employees and check out the average salaries for different jobs in the company. For example, a teller at Citibank earns $41,300 per year, on average.