NEW YORK–Citigroup has released the results of its latest report on efforts to shrink the gender pay gap among employees, revealing improvements but still work to do.
According to the new report from Citi, its female employees earned 27% less than men did. That's a slight improvement over the 29% gender pay gap Citigroup reported for 2018, according to a CNN analysis.
The newest report further found 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 stated in the report. The company began releasing numbers on gender pay in recent years amid pressure from investors, CNN reported.
“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.
According to Citi, when adjusted to account for job titles, seniority and location, women at the bank earned 1% less than their male counterparts.
Adjustments Made
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, CNN said.
"Continuing to reduce our raw pay gap requires that we make progress
Citing a report from the Institute for Women’s Policy Research, CNN reported that 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%.