Citigroup has hired a senior Goldman Sachs executive to meet increasingly ambitious diversity goals.
Citigroup has appointed Erika Irish Brown as the new Director of Diversity, Equity and Inclusion and Global Head of Talent, according to an internal memo viewed by Financial news and a blog on the bank’s website. Brown is from Goldman Sachs, where she was director of diversity.
The memo, from Sara Wechter, head of human resources at Citi, said the bank was “just getting started” on its diversity goals, with investing in an inclusive culture, one of the key goals set by its new director. General Jane Fraser, who became the first woman to head a major Wall Street bank in March.
Irish Brown spent two years as Director of Diversity at Goldman Sachs and previously held a similar position at Bloomberg. Prior to that, she was Senior Vice President of Diversity and Inclusion at Bank of America.
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Citigroup has set a diversity goal of 50% women in its analyst and associate programs and 30% black and Hispanic / Latino women in the United States. The bank also pledged to increase the representation of women to 40% by the end of this year, from deputy vice president to CEO level. In the United States, it aims to have eight percent black employees at the same time.
The bank’s latest report on the gender pay gap shows that its median salary for women globally is 74% of that for men. This essentially means that women earn 26% less than men on average across the company. Citi has worked to promote more women to leadership positions after former CEO Mike Corbat described the gap as an “ugly number.”
“There is so much great work going on in the company, and Erika will bring a new perspective on global DE&I strategies to all levels of the organization,” Wechter wrote. “This includes building our leadership pipeline, providing actionable advice and support to our global network of affinities and serving as an external partner to relevant industry groups, diversity organizations and associations. “
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