Disaster long in the making.
The worst performing big bank of the last decade.
Stock still ~90% below its 2007 peak, and been flat for last 10 years.
The gap between JPM and Citi is incredible. Part of JPM's success is that it has basically been deemed "America's Bank" by the government, but the mismanagement at Citi is tangible too.
C & BAC are complete basket cases by comparison.
Great brand, but I'd never work there...
They generally don't pay terribly well for non-revenue generating roles, for a broad definition of "non-revenue generating". I have had rounds of interviews with them over the years where they put me through a bunch of rounds, feel me out, and realize that actually.. they can't really afford me.
I know people who take a job there and JPM nickel & dimes you on the way in, lies about target bonus not being prorated first year, and then also gives 0 raise first year. Cute stuff like "forgetting" to pay starting bonuses for months, etc.
I've heard YoY raises that are some of the worst in the industry. To the point that leaving for a competitor is an easy 50%-100% increase in TC because of 5-10 years of surpassed raises.
Another example, in 2020 when COVID hit they did some wide ranging bonus cuts to offset increases in loan reserves for expected credit losses during the pandemic. As all the stimulus kicked in and the economy started to rip, the credit losses didn't come to pass, so they subsequently paid out a fraction of the money they withheld earlier.
Those pennies add up for JPM.
That said, perceived poor performers really don't get paid well or get bonuses, and that's usually the only clear signal you get.
As a technology professional, I think what you describe is par for course at all the banks, and more broadly speaking, pretty much all "non tech" companies in general where tech is considered an unrespected cost center.
Tech compensation is bimodal. You have the top FAANG tier and maybe some companies one tier down where software engineers can make as much or more than medical doctors.
Then you have a sharp drop off a cliff consisting of everyone else - where a senior or staff SWE equivalent with decades of experience can expect to retire in their 60s making about as much as a upper junior FAANG engineer.
I was shocked last year when I heard my intern with zero years of experience got his offer...for about double my compensation at my last bank SWE job.
Citi on the other hand hasn't had those options/gifts... largely because of prior mismanagement. I think they're only up 10% in the last 10 years or something crazy like that.
I have no affiliation with them but at the branch I goto there's always a free ATM inside for quick things, they make it easy to schedule meetings for more complex tasks and the bankers who have their own cubicle tend to be knowledgeable (I've encountered a couple of them over the years).
It's super easy to reach them too, and this is with a basic checking account only. Their checking account is free with no penalties as long as you direct deposit $500 / month OR keep $1,500 in there, for most folks on this site the first option means you only need to keep the bare minimum in there to pay your bills.
I don't care about the lack of interest. Most trading platforms will give you 4%+ which IMO has a nice advantage in that you can stick idle cash in there (untraded) and collect risk free interest and you can quickly transfer it back to your bank account if you need it. It's a reasonable solution for an emergency fund, but it also doubles as a way to instantly put money into the market if an opportunity strikes.
16 years ago I told them that making me whole wasn't enough - since they called me a liar in writing they needed to provide an apology in writing. And I wouldn't do business with them until that happened. Still waiting, and still not doing business with them.
I have been boycotting PNC bank since 2006. They stole over $700 from me. They gave me $300 back to settle. I refuse to do business with them. I went to a Pirates game, saw it was PNC Park and noped out of there.
Their market cap has since doubled. Fucking over the little person is OK in our society.
Not only OK, but it seems like it is the only business plan that succeeds.