Early last year, Arjuna Capital filed a shareholder proposal requesting the release of pay data from Citi, JPMorgan Chase, Bank of America, Wells Fargo, American Express and MasterCard.
The resolution sent to Citi cited a 10% pay gap between men and women, and a 14.8% pay gap in the top earning bracket. Citi says the gap is only about 1%. Nonetheless, the financial giant’s pay process in 2018 will include a wage adjustment for women and minorities in the US, UK, and Germany, after a survey of pay data revealed a discrepancy between their wages and those of male and non-minority colleagues.
It also said it would publish its pay data. Arjuna’s Natasha Lamb called Citi’s move a “tipping point for Wall Street,” adding, “Citigroup is stepping into a leadership role on the gender pay gap that we have not seen from any of its US financial peers.”
Last May, Arjuna withdrew a proxy resolution at Starbucks, after the coffee company produced a report that found it it pays comparably-skilled male and female employees within 99.7 percent of each other.