Citigroup is making progress toward shrinking its gender pay gap. But it still has some work to do.
Globally, the bank’s female employees earned 27% less than men did, according to a new report from the company. That’s a slight improvement over the 29% gender pay gap Citigroup reported for 2018.
This year’s analysis also found that the median income for minority workers in the US was 6% less than the median income for non-minorities, down from 7% last year.
These “raw gap” numbers are not adjusted for seniority, job title or location, Citigroup said. The company began releasing numbers on gender pay in recent years amid pressure from investors.
“The pay gap reflects a need to increase representation of women and US minorities in senior and higher-paying roles,” wrote Sara Wechter, Citigroup’s head of human resources, in a blog post.
When adjusted to account for job titles, seniority and location, women at Citigroup earned 1% less than their male counterparts, according to the report.
Citigroup said that following a review of its global pay, it made pay adjustments as part of this year’s compensation cycle according to the blog post.
The company also said it has committed to increasing representation at the assistant vice president through managing director levels to at least 40% for women globally and 8% for black employees in the US by the end of 2021.
“Continuing to reduce our raw pay gap requires that we make progress on our representation goals,” Wechter wrote.
Across the US, female full-time, year-round workers were paid 82 cents for every dollar earned by a man, which is a gender pay gap of 18%, according to the Institute for Women’s Policy Research. And that may be underestimating the pay gap because when looking at pay over a 15-year period, women made just half of what men earned.
According to the IWPR, at the current rate of change it will take 40 years for women to achieve pay parity. For women of color, it would take even longer.
A reporting rule put into place in the UK in 2018 requires companies with more than 250 employees to report data on gender pay disparities. Advocates for equal pay in the US are asking for similar disclosure requirements because research has shown that company disclosure leads to closing pay gaps.