Citi’s UK Gender Pay Gap
By Jim Cowles, CEO, Citi Europe Middle East and Africa (EMEA) March 27, 2018 09:00 AM
Citi does not have as many women at senior levels of the firm as we want. We also have fewer women than we’d like in our most highly compensated areas, such as investment banking and trading. We are working to change these things because it is the right thing to do, and because it is important to our people, our clients, our communities and our company.
Today, we are disclosing the results of our UK Gender Pay Gap analysis, which looks at the compensation of our male and female colleagues in the UK. Our results reinforce that we need to hire more women, promote more women and retain more women. And we need to hold our company, and our leaders, accountable for making measurable progress in all three areas.
Earlier this year, we were the first major US bank to share a pay equity analysis, which compared the compensation of women to men in the United States, the United Kingdom and Germany. This report incorporated legitimate factors accounting for differences in pay, such as job function, seniority and geography. We found that across these countries, women are paid on average 99% of what men are paid, and we took action to help to achieve greater pay equity in the same compensation cycle that the assessment was done.
Reconciling our UK gender pay gap data with the pay equity data can be confusing. Both are important pieces of information, which tell us different things.
Pay equity analysis helps to ensure women currently at the firm are being compensated equitably for their work.
The gender pay gap data disclosed today tells us that women are not well represented in senior and high-paying roles in the UK, though we recognize this is a dynamic that exists across the firm.
One number should not minimize the importance of another – both, along with other data, are critical to understanding where we are, and informing the work we need to do.
We’re working hard on this, but addressing the gaps in senior-level representation will take some time.
Citi is committed to being an inclusive company, and to making progress in this important area. To help us to do so, we have signed onto the UK’s Women in Finance Charter, because we believe that it is important for us to set a public, measurable goal. Our Women in Finance Charter goal is to have at least 30% of our senior management roles in our Europe, Middle East and Africa division be held by women by 2025. We are also in the process of setting representation goals for women across our firm, and our leaders will be held accountable for continued progress toward these goals.
We know we have more to do to become as diverse at all levels of the firm as we aspire to be. The analyses that we’ve shared publicly this year will be used to inform our diversity efforts, and we know that our stakeholders inside and outside of Citi will rightly hold us accountable for making progress.