Women at Citigroup have made strides, just not to top ranks

By Megan Cerullo

/ MoneyWatch

Gender pay gap may persist for 200 years

Citigroup on Wednesday revealed that women at the fourth-largest U.S. bank earn 29 percent less than men, becoming the first U.S. company to disclose the gap in pay based on gender across its entire workforce.

The company previously released data showing that female employees earn 99 percent of what their male peers do for similar jobs. By contrast, the new numbers point to the relative lack of women in upper management at Citi, an imbalance found across the financial industry and in particular on Wall Street.

"The fact of the matter is financial services is a heavily male-dominated field, and women aren't inhabiting the highest-paying jobs and leadership positions," said Natasha Lamb, managing partner of Arjuna Capital. "So there is a structural incongruency in terms of how the money is being allocated."

"I am quite sure there are pay gaps at other companies, and this is not a Citi problem — it's an industry and societal problem, and the first step to improving that number is disclosing it," she added.

The analysis also shows that minorities at Citi earn 7 percent less than non-minority employees.

The bank disclosed the compensation data in response to a shareholder proposal from Arjuna, which focuses on so-called ethical investing.

Citi last year compared women's compensation at the company to men's, but adjusted pay based on employees' job functions, seniority and location. It also compared the pay of minorities to non-minorities and found no gap.

Lamb said it is important to consider both measures — equal pay for equal work, and overall comp — in trying to close the gender pay gap. One 2018 analysis found that women earn 49 cents compared for every $1 earned by men, though other studies find a narrower gap, at roughly 80 cents.

Women earn less than half of men's income

The gender pay gap costs the economy $1.12 trillion annually, according to World Economic Forum estimates.

"This new level of transparency provides investors with baseline metrics to understand broad pay equity at the company, that is, the difference between what men make and what women make, and what minorities and non-minorities make on a median, unadjusted basis," Lamb said.

Citi said it is committed to increasing the number of women in mid to senior-level roles over the next few years.

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

The company's goal is to increase female representation at the assistant vice president through managing director levels to 40 percent by 2021.

First published on January 16, 2019

© 2019 CBS Interactive Inc.. All Rights Reserved.

Report: Federal agency ignored constitutional concerns in Trump lease

The General Services Administration ignored concerns that President Trump's lease on a federal building could violate the emoluments clause

updated 7M ago

Citigroup reveals what women earn compared with men

Wall Street remains a boys club, with few female executives occupying senior positions

updated 12M ago

Snap crackled, plotzed: Social media darling down 80% from IPO high

After one of the hottest tech launches in years, Snapshot's parent unnerves investors with another executive exit

updated 9M ago

You can now buy a beer for furloughed workers

"Beer makes everything better," organizers said – and for furloughed workers who need more than a beer, there are other ways to get support

updated 17M ago

Pelosi asks Trump to postpone State of the Union

House Speaker Nancy Pelosi wrote a letter to President Trump suggesting he find another date or location

updated 28M ago

Report: Federal agency ignored constitutional concerns in Trump lease

The General Services Administration ignored concerns that President Trump's lease on a federal building could violate the emoluments clause

updated 7M ago

Pelosi asks Trump to postpone State of the Union

House Speaker Nancy Pelosi wrote a letter to President Trump suggesting he find another date or location

updated 28M ago

Senate rejects bill to stop sanctions relief for Russian oligarch

The procedural vote to move forward on the issue failed with just under 60 votes

updated 54M ago

Karen Pence to teach at Christian school that bans LGBTQ students, faculty

The vice president's wife returns to a Virginia Christian school that bars students and employees from homosexual activity and from condoning transgender identity

1H ago

Trump's chief economic adviser to federal workers: Get a loan

Kevin Hassett, head of the White House Council of Economic Advisers, acknowledges shutdown is causing "a lot of pain"

2H ago

Global outlook "darkening," World Economic Forum warns

The group behind annual Davos conference cites U.S.-China trade tensions, Brexit and nationalism as top concerns

updated 26M ago

Theresa May survives no-confidence vote after Brexit defeat

The House of Commons expressed confidence in her government by 325 votes to 306, meaning May can remain in office

2H ago

Jailed model who claimed she has dirt on Russian oligarch speaks out

Anastasia Vashukevich has told Russian media she can't wait to be released

5H ago

Europeans beseech Britain to get its Brexit act together

"Please, please, tell us finally what you want to achieve," one EU lawmaker says as U.K. Prime Minister faces no-confidence vote

6H ago

U.S. troops killed in Syria suicide attack claimed by ISIS

Shortly after the military said service members were killed, Vice President Pence said ISIS "has been defeated"

updated 3M ago

New "Star Trek" season tells "untold chapter of Spock"

"Star Trek: Discovery" season 2 premieres Thursday on CBS All Access

updated 45M ago

Fortnite flaw exposed millions of users to hacks

Hackers could take over accounts, make purchases and even eavesdrop on players

updated 42M ago

Why Netflix will probably keep hiking prices

Netflix announced the biggest price increase in its history Tuesday with subscriptions going up by 13 to 18 percent

9H ago

New "Ghostbusters" movie slated for summer 2020

Latest installment in the Ghostbusters series begins production this summer — but there's no word yet on the cast

18H ago

Rihanna sues father for allegedly misusing the Fenty name

They share the Fenty last name — but only Rihanna has the trademark

Jan 15

PG&E bankruptcy shows we don't know how to pay for climate change

As weather gets more extreme, corporations, citizens and politicians fight over who should pay for the damages

updated 46M ago

Is "10 Year Challenge" helping Facebook mine data?

The simple meme that's taking over your Facebook feed might not be so simple

updated 16M ago

Fortnite flaw exposed millions of users to hacks

Hackers could take over accounts, make purchases and even eavesdrop on players

updated 42M ago

YouTube bans dangerous pranks after Bird Box, Tide Pod challenges

Online video site says challenges that can cause injury or death have "no place on YouTube"

6H ago

New satellites will solve issue that's plagued aviation for decades

Currently, planes are largely tracked by radar on the ground, which doesn't work over much of the world's oceans

4H ago

What cancer doctors don't know about LGBTQ patients

New research reveals most oncologists lack awareness about key health issues facing gay, bisexual or transgender patients

updated 32M ago

Experimental patch could offer once-a-month contraception

Microneedle patch would be placed on the skin for a few seconds each month and would slowly release contraceptive drugs over time

Jan 15

Fraud allegations at facility where vegetative patient gave birth

A former top prosecutor in Phoenix will investigate what happened at the long-term care center where a vegetative patient gave birth

Jan 15

Baby gets hearing aids, can't stop giggling

The baby's infectious laughter has melted hearts across the country

Jan 15

Poor sleep may take a toll on your heart

New research finds not getting enough good sleep could affect your risk of heart disease

Jan 14

Citigroup reveals what women earn compared with men

Wall Street remains a boys club, with few female executives occupying senior positions

updated 12M ago

Snap crackled, plotzed: Social media darling down 80% from IPO high

After one of the hottest tech launches in years, Snapshot's parent unnerves investors with another executive exit

updated 9M ago

PG&E bankruptcy shows we don't know how to pay for climate change

As weather gets more extreme, corporations, citizens and politicians fight over who should pay for the damages

updated 46M ago

Global outlook "darkening," World Economic Forum warns

The group behind annual Davos conference cites U.S.-China trade tensions, Brexit and nationalism as top concerns

updated 26M ago

Hyundai, Kia recall 168,000 vehicles at risk for fires

The carmakers moved even though the National Highway Traffic Safety Administration, which normally oversees recalls, is closed due to the shutdown

updated 18M ago

"Innocent black man" who died behind bars exonerated by governor

Grover Thompson, who died in 1996, was convicted for a stabbing that a serial killer later confessed to committing

3H ago

Officers who ignored man's pleas fired after his death

The Fort Worth officers didn't help the suspect, who complained of medical issues while handcuffed in a patrol car

5H ago

Jayme Closs' accused kidnapper was discharged from Marine Corps

The mood in the Wisconsin community is shifting from joy to shock over the horrific details of Closs' kidnapping and her parents' murder

6H ago

1 dead, 2 injured in hammer attack at NYC restaurant

Two men, a 61-year-old and 50-year-old, are said to be in serious condition; police said a third victim has died from his injuries

17H ago

Man who shot rookie officer was barred from owning guns

Natalie Corona, 22, had only been patrolling by herself for two weeks when she was fatally shot in Davis, California

20H ago