Citi pay gap at 27%

The gender pay gap in Citigroup stood at 27% last year, slightly down from 29% a year earlier.

Reuters’ C Nivedita and Imani Moise reported the news:

Citigroup’s (C.N) female employees earn 27% less than male employees on average, when factors like title and location are not taken into account, the Wall Street bank said on Wednesday.

That was a slight improvement of two percentage points from last year, according to an internal analysis.

In similar job positions in the same location, women on average are paid 99% of what men are paid, on a par with last year’s results, the bank said.

Citigroup began disclosing “raw” pay gap figures globally last year in response to shareholder pressure to disclose how much less it pays women than men.

A British law that went into effect in 2018 forced corporations to disclose unadjusted pay gap figures for their operations in that country annually, but Citi is the only bank that voluntarily discloses the global metrics.

“As we’ve said before, transparency breeds accountability and we took that important first step last year in disclosing our pay equity results,” head of global human resources Sara Wechter said in a statement. “We know the pressure to make progress will continue and we welcome it.”

Anna Bahney from CNN wrote:

This year’s analysis also found that the median income for minority workers in the US was 6% less than the median income for non-minorities, down from 7% last year.

These “raw gap” numbers are not adjusted for seniority, job title or location, Citigroup said. The company began releasing numbers on gender pay in recent years amid pressure from investors.

“The pay gap reflects a need to increase representation of women and US minorities in senior and higher-paying roles,” wrote Sara Wechter, Citigroup’s head of human resources, in a blog post.

When adjusted to account for job titles, seniority and location, women at Citigroup (C) earned 1% less than their male counterparts, according to the report.

Citigroup said that following a review of its global pay, it made pay adjustments as part of this year’s compensation cycle according to the blog post.

The company also said it has committed to increasing representation at the assistant vice president through managing director levels to at least 40% for women globally and 8% for black employees in the US by the end of 2021.

“Continuing to reduce our raw pay gap requires that we make progress on our representation goals,” Wechter wrote.

Across the US, female full-time, year-round workers were paid 82 cents for every dollar earned by a man, which is a gender pay gap of 18%, according to the Institute for Women’s Policy Research. And that may be underestimating the pay gap because when looking at pay over a 15-year period, women made just half of what men earned.