In 2025, Citi promoted fewer employees to Managing Director (MD) than in the prior year. While this looks like a sharp decline at first glance, the number is closer to Citi’s long-term historical average before 2021, suggesting a return to a more restrained promotion model rather than an exceptional slowdown.

The mix of promotions across divisions also changed. Technology and risk functions experienced notably fewer MD promotions, possibly reflecting Citi’s growing reliance on automation and AI to streamline middle-office and control roles. As these functions become more automated, fewer senior leadership positions may be required.

The contrast with Goldman Sachs is significant. Goldman promoted a far larger number of MDs and does so on a predictable biannual cycle. When viewed relative to total employee count, becoming an MD appears substantially more likely at Goldman than at Citi. Citi also appears to have a longer and less predictable path to MD. The firm shows a greater tendency to promote externally hired senior professionals, which has reportedly caused frustration among internal candidates who see fewer advancement opportunities.

Overall, the 2025 promotion cycle suggests that making MD at Citi is more selective, slower, and increasingly externally driven, while Goldman Sachs offers a clearer and more attainable route to the MD title, highlighting meaningful differences in career progression between the two banks.