Citigroup says it will use raises to narrow pay gap
Jan. 15, 2018
NEW YORK (AP) — Citigroup says it will slightly raise pay for women and minorities to close a gap with men and whites.
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.
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.