As part of American Banker’s Most Powerful Women in Banking and Finance program, we have selected five “Top Teams” for 2021. Citigroup is one of the team honorees.
To see the evaluation criteria for the Top Teams category, please scroll to the end.
Headquarters: New York
Assets: $2.2 trillion
Female representation among corporate officers: 45%
Female representation on operating committee: 19%
Citigroup is on a journey to transform the diversity of its workforce, and in March it hired a chief diversity equity and inclusion officer and global head of talent, Erika Irish Brown, to help keep the momentum going. Citi also has been open about the progress it is making along the way, keeping itself publicly accountable.
In January 2020, its existing standards requiring a diverse slate of candidates for managing director and director hires expanded to also include assistant vice president, vice president and senior vice president levels. Last year 86% of global roles at these levels included diverse candidates with at least one woman or U.S. ethnic minority. This year the standard increased to at least two women or minorities on the slate of those getting job interviews for U.S. hires and at least two women for global hires.
Perhaps the diverse slates are already helping. Citi promoted 70 women to managing directors last year — the most ever — representing 29%, up from 28% for the class of 2019. The company is working to increase representation at the assistant vice president through managing director levels to at least 40% for women globally and 8% for Black employees in the United States by the end of 2021.
The 2020 summer intern class was the most diverse ever, with women in analyst and associate roles reaching 52% in the U.S. and 50% globally. Black and Hispanic/Latino representation was at 27% in the U.S.
Amid the high anxiety on many fronts during the past year, several employee resource groups at the company came up with some targeted ways to provide female Black colleagues with more career support. The Citi Women program and Black Heritage Affinity Steering Committee worked together to create a Black Women’s Empowerment forum to provide senior Black female executives an opportunity to share their expertise with Black female employees across the company, from assistant vice presidents to senior vice presidents.
In addition, women make up 50% of Citigroup’s board.
Selected executive highlights: