Citi reports 32.7% mean gender pay gap

Financial services business Citi has reported a 32.7% mean gender pay gap for hourly pay as at 5 April 2019.

The organisation, which currently has 200,000 employees, reported its gender pay gap data in line with the government’s gender pay gap reporting regulations.

The reporting regulations require organisations with 250 or more employees to publish the differences in mean and median hourly rates of pay for male and female full-time employees, the gap in men and women’s mean and median bonus pay, the proportions of male and female employees awarded bonus pay, and the proportions of male and female full-time employees in the lower, lower-middle, upper-middle and upper quartile pay bands.

Due to the Covid-19 (Coronavirus) pandemic, gender pay gap reporting regulations have been suspended for the 2019/2020 reporting period, however, some organisations have chosen to do so voluntarily.

Citi’s median gender pay gap for fixed hourly pay is 22.6%, as of April 2019. On average, women earn 77p compared to every £1 their male counterparts earn.

Its mean gender pay gap for bonuses paid during the reporting period is 64.4%; which is a decrease from the 66.4% gap in 2018. The median gender pay gap for bonus payments is 49.9%, compared to 52.7% in 2018.

Over the reporting period, 88.3% of female employees and 90.3% of male employees received bonus payments. This is a decrease of 0.9% for women and an increase of 1% for men since 2018.

One-quarter (25%) of employees in the highest pay quartile at Citibank are female, compared to 32% in the second quartile, 39% in the third quartile and 57% in the lowest pay quartile.

David Livingstone, chief executive for Europe, Middle East, and Africa at Citi, said: “The UK gender pay gap data published today is presented in the format required by the UK government. It is based on the average pay of men and women, regardless of job function, seniority and other factors. It is not a measure of the difference in pay between men and women doing the same job. Whilst we have made progress, a gap remains due to the under-representation of women in senior and higher-paying roles at Citi and throughout our industry.

“Citi’s work to champion equality is reflected in our decision to be transparent about the results of our own global pay equity review. Our review compares pay after taking account of a number of factors to make the comparisons meaningful, including job function, level and geography. On this adjusted basis, we found that women globally are paid on average 99% of what men are paid at Citi.

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“Where we found discrepancies, we made the necessary adjustments. We also published our global unadjusted or “raw” gender pay gap. This showed a gap of 27%, driven by an under-representation of women in more senior roles. Our primary focus in the UK continues to be enhancing the representation of women.”

“We are encouraged and motivated by this progress, but recognise we all have more work to do. Citi continues to utilise three levers to drive change – hiring, promoting and retaining more women. We shall continue to ensure that Citi is an organisation where opportunities are available to all.”