The bank has appointed its male-dominated leadership to co-head affinity groups
Citigroup has appointed its most high-ranking, white, male managers to lead its internal diversity networks, as big banks come under growing pressure to get more women and people from ethnic minorities into senior positions.
The US bank has shaken up its diversity program by making its most recognisable senior executives co-leaders of its “affinity groups”, employee advocacy groups focused on black heritage, women and LGBT employees.
The bank is betting it will help move the dial on diversity by making senior men at the firm accountable for setting goals and making progress for these groups.
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Citi’s chief executive of global consumer banking Stephen Bird will co-lead the bank’s black heritage group while Europe, Middle East and Africa chief executive Jim Cowles will co-lead the Citi women’s group. Chief executive of the institutional clients group, Jamie Forese, will co-lead the Pride group.
Other senior managers have been assigned to co-lead the Asian Heritage, disability, Generations, Hispanic/Latino Heritage, Military Veterans, Multicultural and Parents groups.
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Mike Corbat, chief executive of Citigroup, said in an internal memo that the bank was “creating clear measures of accountability for leaders at all levels” on diversity. “This starts with my leadership team members who — along with other leaders in the businesses, functions and regions — I’ve asked to co-chair each of our affinity groups.”
The banking industry is under pressure to get more women and people from ethnic minorities in to senior positions and close its gender pay gap. The reluctance among the biggest banks to disclose the ethnic breakdown of their staff, meanwhile, has angered campaigners, who accuse the banks of undermining efforts to diversify the City’s workforce.
In June Financial News reported that of the 10 largest banks that operate in the City, Barclays was the only one willing to provide data detailing the ethnic mix of its staff. Deutsche Bank, Credit Suisse, Morgan Stanley, HSBC and UBS were unable to provide the data, despite all of them promoting their diversity policies online.
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Pavita Cooper, the founder of recruitment firm More Difference and a member of the 30% Club’s steering committee, said it was “absolutely essential” to have senior men involved in diversity initiatives.
She said it was “pointless” for diversity groups to only talk to a “converted audience” that already understood why diversity was important.
Sandra Ondraschek-Norris, senior director at lobby and change group Catalyst Europe, added: “Real change will only come about when diversity and inclusion is seen as a leadership challenge and something that male leaders have to be involved in.”