Breakingviews – Citi diversity brag is begging for rivals’ riposte – Reuters

Citigroup Latin America CEO Jane Fraser addresses a Brazil-U.S. Business Council forum to discuss relations and future cooperation in Washington, U.S. March 18, 2019. REUTERS/Erin Scott – RC166868FE80

HONG KONG, Dec 16 (Reuters Breakingviews) – Some 35% of Citigroup’s (C.N) 52 newly promoted managing directors in Asia are women, the bank announced on Dec. 15, hailing the figure as a record. That adds more bragging rights to the lender’s greatest claim to fame on the ESG front. Chief Executive Jane Fraser is flanked by seven female directors in the board room, where women outnumber men, a rarity among the world’s largest banks.

Taking pride in the pipeline of talent is perhaps even more important. While disclosure requirements make diversity in the very highest echelons a matter of public record for big banks, it’s unusual to see granular data on the ranks below, where change is most needed if women are to make it to the top. read more

Perceptions vary wildly, too. A recent survey of Australasian financial professionals found 42% of women believed it is “almost impossible” for females to become executives, compared with 11% of men. That makes measuring and disclosing figures beyond the boardroom essential. More boastful bankers could help drive diversity. (By Katrina Hamlin)

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Editing by Robyn Mak and Thomas Shum

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