Good morning, Broadsheet Readers! Jen Psaki makes her debut as White House press secretary, Rep. Liz Cheney’s vote for impeachment sparks some backlash from the GOP, and Citigroup updates the gender pay gap. Have a relaxing weekend.
– Watch the gap. Citigroup remains one of the few companies that offers the public a glimpse of the gender pay gap. On Thursday, the bank released an update on where it stands.
Women at the company worldwide earned roughly 26% less than the average salary of their male counterparts last year, a slight improvement from the difference of 27% in 2019 and 29% in 2018. The bank said “US minorities” earned 6 % less than the median wage of non-minorities, which is comparable to the 2019 figures and an improvement from 7% in 2018.
This type of pay gap analysis – referred to as unadjusted – looks at aggregated numbers rather than comparing workers with the same title or experience, so Citigroup’s statistics reflect a shortage of women in positions higher on the pay scale. By the end of this year, the bank plans to increase its assistant vice president representation through CEO level to at least 40% for women worldwide and 8% for black workers in the US.
The bank says it is making progress by requiring managers to interview several different candidates instead of just one.
Still, Sara Wechter, Citigroup’s chief of HR, told Bloomberg that the effort to narrow the pay gap “keeps me up at night because I know it’s a lot of work, but we have to deliver on these things.”
Indeed, you would like to see the bank’s pay gap narrow at a faster pace. But the bank stands out – for its transparency and for not following, say, the UK, which cited the pandemic as a reason to delay some diversity efforts. In addition, Citigroup’s numbers are likely to run counter to the general trend; Economists expect the COVID-19 crisis to widen the gender pay gap in the US by five percentage points.
Today’s Broadsheet is curated by Emma Hinchliffe.