Citigroup female employees earn 27% less than men

'We are innovating how we recruit and develop talent. But we have much more work to do'

(Reuters) - Citigroup's 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.

Continue Reading Below

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 percent of what men are paid, on a par with last year's results, the bank added.

TickerSecurityLastChangeChange %
CCITIGROUP INC.58.38+1.81+3.20%

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 few firms outside of Citi have opted to share the global metrics publicly.

GOLDMAN SACHS PROFIT TUMBLES 24% DESPITE BOND-TRADING SURGE

(AP Photo/Richard Drew, File)

"We are innovating how we recruit and develop talent,'' head of global human resources Sara Wechter said in an email to Citi employees. "But we have much more work to do.''

"The pace of change is likely to vary from year to year,'' she added.

For minorities in the United States, Citi said the median pay was 94% of the median for non-minorities, up from 93% last year.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The third-largest U.S. bank has said it wants female employees to hold at least 40% of roles at assistant vice-president level through to managing director level by the end of 2021, with 8% of such roles in the United States held by black employees.

CLICK HERE TO READ MORE ON FOX BUSINESS

(Reporting by C Nivedita in Bengaluru and Imani Moise in New York; Editing by Maju Samuel and Rosalba O'Brien)