In a surprising moment of transparency, Citigroup announced that the gender pay gap is real for its employees.
On average, women working for the banking group make 29 percent less than men when the figures are not adjusted for job function and background. The public statement goes beyond earlier figures released under pressure from regulators and stockholders.
It shared the news in a blog post, which reads in part:
Citi’s commitment to diversity and inclusion is longstanding. Last year, Citi was the first financial institution to publicly release the results of a pay equity review comparing compensation of women to men, and U.S. minorities to U.S. non-minorities. Our review was conducted in three countries representing 36% of our workforce, with a commitment to do the work across all countries where we currently have colleagues. We did this because we believe increasing our transparency in this critical area is the best way to hold ourselves accountable for making progress.