Citigroup to give raises to women, minorities to close pay gap
Citigroup is giving a slight pay raise to its female and minority employees in order to close disparities with men and white employees, the company said Monday.
The big bank said an internal survey showed women get 99 percent as much as men in similar jobs and minorities in the U.S. get 99 percent as much as whites. Those are smaller gaps than in the overall workforce.
The bank's head of human resources said Monday it told employees it will raise compensation this year to help close the gaps.
The bank didn't provide figures on average salaries or say how much the raises will cost.
The executive, Michael Murray, said Citigroup Inc. conducted a survey in the U.S., the U.K. and Germany. He said the company is dedicated to pay equity to attract top talent.
The median annual pay for women who work full time in the U.S. is about 80 percent of men in similar jobs, a difference of more than $10,000, the Department of Labor says.
The gender wage gap has been a source of particular scrutiny in the entertainment industry. Actor Mark Wahlberg drew criticism this month after he reportedly demanded an extra $1.5 million to complete re-shoots of the film “All the Money in the World,” while co-star Michelle Williams received just $1,000. Wahlberg later said he would donate his pay to charity in Williams’ name.
Last April, Citigroup shareholders rejected a resolution requesting that the company report on its policies and goals to reduce the pay gap for women.
Citigroup directors opposed the resolution, saying the company was making progress in becoming more diverse. They said a report on pay equity would be costly and wouldn't add anything meaningful to the diversity effort.
Citigroup will report fourth-quarter earnings on Tuesday before the market opens.
The Associated Press contributed to this report.