Citi’s 2021 raw gap analysis showed that
the median pay for women globally is
74% of the median for men, similar to
2020 and up from 73% in 2019 and 71% in
2018; the median pay for U.S. minorities
was more than 96% of the median for
non-minorities, which is up from just
under 94% in 2020, 94% in 2019 and
93% in 2018. Continuing to reduce our
raw pay gap requires that we increase
representation of women and U.S.
minorities in senior roles across the firm.
These pay equity reviews represent
a “moment in time” snapshot of our
employee base, which is constantly chang-
ing as people come in and out of the firm,
as colleagues are promoted and as market
dynamics change. We’re continuing to
innovate how we recruit and develop talent
and to use data more effectively to help us
increase diversity at more senior levels at
Citi. Our philosophy is that every member
of Citi’s team is responsible for progress
in making Citi an even more inclusive and
equitable workplace.
Citi collaborated with The Female Quotient,
a women-owned business dedicated to
advancing equality in the workplace, to
develop a free digital tool that provides
companies with a snapshot of their raw
pay gap. We view it as a way to further
equity across all types of companies and
see it as a concrete measure to increase
diversity more broadly. For more informa-
tion, visit The Female Quotient’s Advancing
Equality Calculator
TM
.
Representation Goals
In 2018, we set aspirational representa-
tion goals to increase women leadership
globally and Black leadership in the United
States at the firm by the end of 2021. We
are pleased to share that Citi exceeded
these goals. Globally, we increased repre-
sentation at the Assistant Vice President
to Managing Director levels for women to
40.6% (up from 37% in 2018), and in the
United States we increased Black repre-
sentation for those same job levels to 8.1%
(up from 6% in 2018). Additionally, when
we include colleagues in the United States
who self-identify as two or more races,
Black representation at the same job levels
increased to 9.1%.
Our commitment doesn’t stop here, and we
recognize there’s still work to do to build a
more diverse, equitable and inclusive firm.
We will build and expand on our representa-
tion goals in the future and will continue to
be transparent while holding ourselves
accountable. Diversity, equity and inclusion
factors, including the representation of
women and racial/ethnic minorities, continue
to be included in senior executives’ score-
cards. Learn more in the ESG at Citi section
of our 2021 ESG report.
Pipeline analyses help us assess the avail-
ability and flow of diverse talent at Citi and
how we can achieve better representation
among women and racial/ethnic minori-
ties. Such analyses also play an important
role in succession planning at Citi, ensuring
that we have diversity of employees who
are ready for promotion now, and that we
have appropriate development plans for
those who would be ready for promotion
in several years. Intentionality in talent
development is essential if we’re going
to elevate more women and racial/ethnic
minorities to high-level positions at Citi —
and across our industry as a whole.
According to McKinsey & Company, there’s
a strong business case for gender and
racial diversity in corporate leadership,
with the most diverse companies outper-
forming their peers on profitability. A
report issued by McKinsey
1
in 2020 found
that companies in the top quartile for
gender diversity on executive teams were
25% more likely to have above-average
profitability than companies in the fourth
quartile. That’s up from 21% in 2017 and
15% in 2014.
Read how we’re supporting minority-
and women-owned businesses in our
supply chain in the Responsible Sourcing
section of our 2021 ESG report.
1. McKinsey & Company, “Diversity Wins: How Inclusion Matters” May 2020.
CITI’S WORK TO ADVANCE
SDG 5: GENDER EQUALITY
The UN Sustainable Development
Goals (SDGs) are a comprehensive
set of interrelated goals that aim
to address development challenges
to end poverty, protect the planet
and ensure prosperity for all. The
work we are doing around gender
equality in the workplace,
including our representation goals,
directly contribute to SDG 5 in
support of gender equality and
empowering all women and girls.
Specifically, we are enabling
progress toward target 5.5, which
aims to ensure women’s full and
effective participation and equal
opportunities for leadership at all
levels of decision-making in
political, economic and public life.
For more information about our
contribution to the SDGs, see our
2021 ESG Report.
SDG Goal 5: Gender Equality
CITI 2021 TALENT AND DIVERSITY, EQUITY & INCLUSION ANNUAL REPORT
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