Citigroup says female workers earn 29% less than male workers

Michael Corbat, CEO of Citigroup

Simon Dawson | Bloomberg | Getty Images

Michael Corbat, CEO of Citigroup

Citi, one of the world’s largest banks, said Wednesday that its female employees earn 29 percent less than its male employees globally.

A study by the bank shows that the median pay for women globally is 71 percent of the median for men, and the median pay for U.S. minorities is 93 percent of the median for non-minorities.

“This reiterates the importance of our goals to increase representation of women and U.S. minorities in senior and higher-paying roles at Citi,” Sara Wechter, Citi’s head of human resources, wrote in Wednesday’s blog post. “We know we need a comprehensive approach to our diversity initiatives to make the progress we want to see.”

As a starting point, the bank said its goal is to increase representation at the assistant vice president through managing director levels to at least 40 percent for women globally.

The disclosed pay gap between men and women at Citigroup measures the differences in median total compensation without accounting for factors such as job function, level and geography. As such, the results tend to suggest the the bank doesn’t have as many women in positions of responsibility or the corporate suite that tend to offer higher levels of compensation.

The company said last year that, when accounting for job function, level and geography, women are paid on average 99 percent of what men are paid and minorities are paid on average 99 percent of what non-minorities are paid.