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Citigroup Promises To Close Pay Gaps For Female And Minority Workers

Logo-citigroupUSA Today reported that Citigroup:

"... will boost job compensation for women and minorities in a bid to close pay gaps in the U.S., United Kingdom, and Germany, becoming the first U.S. bank to respond to shareholder pressure about the inequalities. The New York-based financial company announced the effort Monday, saying it came after a Citigroup compensation assessment in the three countries found that women on average were paid 99% of what men got and minorities on average received 99% of what non-minorities were paid... Citigroup's action prompted investment advisory company Arjuna Capital to withdraw the 2018 gender pay shareholder proposal it had filed in an effort to force an investor vote that would require the bank to address pay inequality."

So, the bank made changes only after a major investor forced it to. The news report cited other banks (text links added):

"No other U.S. bank has taken similar action, Arjuna said. Along with Citigroup, Arjuna said it had filed gender pay shareholder proposals this year with U.S. banks JPMorgan Chase, Wells Fargo, Bank of America and Bank of New York Mellon. The investment adviser said it had filed similar proposals with American Express, Mastercard, Reinsurance Group, and Progressive Insurance. If approved by shareholders, the proposals would require the companies to publish their policies and goals to reduce gender pay gaps."

JP Morgan Chase promised in 2016 to raise the pay of 18,000 tellers and branch workers. It seems that the banking industry, kicking and screaming, has been forced to confront its pay-gap issues for employees. What do you think?

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