Citigroup is an American multinational investment bank that recently implemented hard targets for increasing its management diversity by 2021. This is “according to an internal memo from Chief Executive Officer Michael Corbat.”
The focus will be placed on black and female employees that both have been under represented in recent times. In 2009, “black employees made up about one in six employees at Citigroup” but has since dropped to “about one in ten workers at the firm, according to 2017 figures.”
The actual percentage boost the company is aiming seems be achievable within a 3 year span as Citigroup wants to increase black employees at managing director roles from 6% to 8%. For women the company wants to increase the number from 37% today to 40% in 2021.
According to the American Banker, “Citigroup’s top leaders will be measured on the progress of this diversity goal on their scorecard, as they are with the firm’s other business priorities, according to Corbat’s memo. Among those leaders to be held accountable will be the bank’s 18-person operating committee, which currently includes three women and no African-Americans.”