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Citigroup Inc has become the first major Wall Street bank to announce its gender pay gap, with statistics showing women and those from minority groups in the UK, US and Germany only being paid 1% less on average than white men.
The bank also announced plans to increase compensation for women and minorities to bridge pay gaps in the US, UK and Germany.
Citi and other financial services businesses have been under pressure from investors to publish information about their gender pay gap and UK legislation requiring all big companies to publish those details has increased that pressure.
Activist investor Arjuna Capital asked the bank’s shareholders to vote for a proposal requiring Citi to address its gender pay gap last year, but it says that Citi’s latest announcement shows it is a leader in its sector and that its gender pay gap stands against an average median pay gap in banking of 24 percent.