Saturday, May 15, 2021

Citigroup slightly narrows the pay gap between men and women

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Hello, Broadsheet readers! Jen Psaki makes her debut as a White House press secretary, Rep. Liz Cheney’s impeachment vote inspires some backlash from the GOP, and Citigroup updates its gender pay gap. Spend a relaxing weekend.

– Watch out for the gap. Citigroup remains one of the few companies to offer the public a glimpse into its gender pay gap. Thursday, the bank has published an update on where it is located.

Women in business globally earned around 26% less than the median salary of their male counterparts last year, a slight improvement from the gap of 27% in 2019 and 29% in the Gulf in 2018 The bank said “American minorities” earned 6% less than the median salary of non-minorities, which is similar to 2019 figures and an improvement from 7% in 2018.

This type of pay gap analysis – called unadjusted – looks at aggregate numbers rather than comparing employees with the same title or experience, so Citigroup’s statistics reflect a shortage of women in higher positions. high on the pay scale. By the end of this year, the bank aims to increase representation at the assistant vice president level through general managers to at least 40% for women globally and 8% for black employees in the United States. .

The bank says it going by forcing managers to interview several diverse candidates instead of just one.

However, Citigroup’s head of human resources, Sara Wechter told Bloomberg, the effort to close the wage gap “keeps me awake at night because I know it’s a lot of work, but we have to deal with these things.”

Indeed, you would like to see the bank’s wage differentials narrowing more quickly. But the bank stands out – for its transparency and for not following the lead of, say, the UK, which cited the pandemic as a reason to delay some diversity efforts. Additionally, Citigroup’s numbers are likely to go against the general trend; economists are waiting the COVID-19 crisis to widen the pay gap between men and women in the United States by five percentage points.

Claire Zillman
claire.zillman@fortune.com
@clairezillman

Today’s Broadsheet was organized by Emma Hinchliffe.



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