Citigroup says women trail men in 'unadjusted' pay measure, pledges to narrow gap

Citigroup says women trail men in 'unadjusted' pay measure, pledges to narrow gap
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Citigroup said Wednesday that median pay for women staff at the bank was only 71 percent of the median for men, when measured in unadjusted terms.

Unadjusted, or "raw", pay gap measures "the difference in median total compensation when we don’t adjust for factors such as job function, level and geography," Citigroup explained in a release.

Meanwhile the median pay for U.S. minorities was 93 percent of the median for non-minorities, Citigroup said.

However, the bank said that when adjusting pay to account for factors such as job function and geography, women globally at Citigroup are paid 99 percent of what men are paid on average, as of last year. There was no statistically significant difference between U.S. minorities and non-minorities.

Citigroup pledged to narrow the unadjusted wage gap for women and U.S. minorities.

"This reiterates the importance of our goals to increase representation of women and U.S. minorities in senior and higher-paying roles at Citi. That is how we will reduce the difference in our raw pay gap numbers over time," Sara Wechter, Citigroup’s global head of human resources said in the release. "That is how we will reduce the difference in our raw pay gap numbers over time."

Citigroup also pledged to increase representation of women and U.S. minorities in higher positions, including aiming to "increase representation at the Assistant Vice President through Managing Director levels to at least 40 percent for women globally and 8 percent for Black employees in the U.S. by the end of 2021."