Citigroup promotes 70 women in latest class of managing directors

Citigroup promoted 70 women in its latest class of managing directors, the most ever but still less than a third of the total.

The 29 per cent of women in the 241-person group was a slight improvement from last year’s 28 per cent, according to the company. This year’s class also included five Black managing directors, up from three a year ago.

The promotions were announced in an internal memo to employees this month by chief executive Michael Corbat and Jane Fraser, who will take over the top job next year. The New York-based bank has been trying for years to improve the diversity of its ranks and narrow the pay gap between men and women in its global workforce.

Transparency

“Radical transparency certainly makes you uncomfortable, but it’s important to get out of the old habits,” Fraser said in the company’s most recent diversity report. “You’ve got to shake your thinking up and do something differently, and that’s why it makes a difference.”

Mortgage approvals in November hit record level

---

UK travel disruption an insight into ‘post-Brexit world’ – Bord Bia

---

Covid crisis may exacerbate Ireland’s property divide

---

Covid effect on public finances not nearly as bad as initially feared

---

The firm has said it wants to increase the number of women and minorities it employs at the assistant vice president to managing director level. It has said it’s aiming to increase representation for those levels to at least 40 per cent for women and 8 per cent for black employees in the US by next year.

Citigroup had earlier announced the 153 people in its institutional-clients group that had earned the title. Within that division, the firm’s traders took home most of the promotions.

- Bloomberg