Citigroup Inc chief executive officer Jane Fraser on Monday last week became the first woman to helm a major financial institution on Wall Street.
Her appointment brought a new change to Citigroup in its more than 200 years of operations, which the company said was a testament to its commitment to gender equality that has set a standard for the industry.
Citi encourages diversity and inclusion. Its recruitment, career development and promotion process are driven solely by a person’s ability and performance, not by race, gender, age or religion, it said.
Photo courtesy of Citibank Taiwan Ltd
The company was one of the first to reveal its global gender pay gap. Its efforts to ensure equal pay for women who work the same job as men have paid off, as last year’s raw wage-gap analysis showed that the median pay for its female employees globally was better than 74 percent of the median for male workers, up from 73 percent in 2019 and 71 percent in 2018.
Meanwhile, Citi made a rare personnel promotion in Taiwan’s foreign banking industry, its first in more than 10 years, when it appointed Citibank Taiwan Ltd (台灣花旗) president Christie Chang (張聖心) in April last year as chairwoman of its Asia-Pacific corporate banking unit.
Moreover, the number of women in senior roles at Citi Taiwan far exceeds that of its peers.
According to a Financial Supervisory Commission report, Citi boasts the highest ratio of female executives among all financial institutions in Taiwan, as 63 percent of its top-ranking executives are women, and it is the only firm that surpasses the 60 percent mark.
Citi Taiwan has also tailored numerous employee benefits to committing to gender equality, as it strives to help all employees reach their potential, while supporting every stage of an employee’s life and career development.
The policies include 16 weeks of maternity leave, four weeks of paternity leave and four weeks of adoption leave — exceeding the numbers stipulated by local labor laws. Citi Taiwan also offers the most days of paternity leave in the local banking industry, as it further complies with gender-equality goals outlined in the UN’s Sustainable Development Goals.
Citi Taiwan employee club Citi Women’s Network organized a series of activities to celebrate International Women’s Day on Monday, including a forum where outstanding women and Citi’s executives shared how they pursued self-recognition and values, while juggling career and family lives.
The company also purchased handicrafts made by nonprofit organizations for its employees, as it fulfills its corporate social responsibility by working with charities.
Citigroup has also encouraged its employees to take part in the International Women’s Day campaign “Choose to Challenge” by posting pictures raising their hand on social media with the hashtags #IWD2021, #Citi and #StandForProgress, showing their support for gender equality and the betterment of society.
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