Off The Wire
Citigroup sets new diversity goals for workforce by 2025
NEW YORK, Sept 20 (Reuters) - Citigroup Inc introduced new diversity goals for gender, race and sexual orientation in its workforce for 2025, the bank said in a statement Tuesday.
The company aims to boost global representation of women in assistant vice president (AVP) to managing director (MD) levels to 43.5% in 2025 from the current 40.6%.
In North America, Citi seeks to increase the proportion of Black employees in the AVP to MD ranks to 11.5% over the same period from the current 8.1%. And in the United States, it also aims to raise the percentage of Hispanic and Latino AVPs to MDs to 16% from 13.7% currently.
Citigroup became the first major Wall Street bank to appoint a woman, Jane Fraser, as its chief executive last year. In 2020, the company's chief financial officer, Mark Mason, was the only Black executive among about 80 leaders atop the six biggest U.S. banks when the murder of George Floyd prompted a global reckoning over racism. Since then, large banks have pledged to diversify their management and workforce.
Citigroup also expanded its worldwide hiring goals to include 3.5% of people who are lesbian, gay, bisexual, transgender and questioning in 2025 from the current 2.1%. And it further outlined aims for ethnic diversity in the U.K. and Brazil, and hiring college students from underrepresented communities.