Citibank Budapest hosting Inspirational Supplier Diversity Workshop on “how to do business with Citibank?
Citigroup has recently made headlines for recognizing the gender pay gap in its own organization, and setting goals to increase the number of women and minorities among its higher-ranking employees. Speaking at Fortune’s CEO Initiative forum in Lower Manhattan on the 11th of June 2019, Citigroup CEO Michael Corbat acknowledged that—beyond setting ambitious markers for a more equitable and diverse workforce—banks like Citi need to dig deeper to create a “sustainable” culture that promotes such values.
Corbat stressed “I think we’ve been okay at bringing women and minorities into the firm, but I don’t think we’ve created the environment that creates the sustainability of them wanting to be there. We’ve got to admit that we probably haven’t created the right environment that they want to stay and invest their careers in.”
Earlier this year, Citi revealed unflattering “raw” median pay gap figures that showed its female employees globally earned 29% less than their male counterparts. Additionally, it found that minority employees in the U.S. earned 7% less than non-minorities.
The bank concluded that it needed to increase the number of women and minorities in “senior and higher-paying roles at Citi,” and set targets to increase representation within the “assistant vice president through managing director levels.” Citi aims to have at least 40% of such jobs occupied by women globally, and 8% occupied by black employees in the U.S., by the end of 2021.
Corbat stressed also that this year’s incoming class of new hires at Citi will be split 50/50 between men and women.
On 27th of June Citibank Budapest has been hosting an inspirational supplier diversity workshop on “How to do business with Citibank?”. 75+ participants from Europe responsible for sourcing, leadership, diversity, inclusion and procurement had the privilege to discuss with Citibank leadership and share their experiences around supplier diversity in procurement processes and challenges of collaboration between corporates, SMEs and non-profit organizations. Keynote speakers of the day included Citibank Hungary´s CEO Kevin A. Murray,
Founder and CEO of MSDUK Mayank Shah, Eva Fabry, Director of the European Centre for Women and Technology, who represented and presented the newly established Global Wo.Men Hub. The full day event provided a great networking opportunity and led to constructive hands-on discussions that will be continued during September in Milano and London.
The event strengthened the growing need for stronger diversity in procurement and in the service sector in general. An agenda both the newly established Global Wo.Men Hub and ECWT are keen to focus on in their future work.