Citigroup promotes most women ever to MD role- memo

(Reuters) – Citigroup Inc (NYSE:) promoted over 100 women to the role of managing director, the highest ever for the bank, according to a memo seen by Reuters.

For the bank, which named a total of 331 employees in 26 countries to the role, it is “one of the largest and most diverse cohorts” in its history, the memo said. Among those promoted in the United States, 37% are racially or ethnically diverse.

The news, first reported by Bloomberg on Tuesday, highlights the New York-based company’s push to improve the representation of women at top levels and encourage diversity.

Citigroup became the first major Wall Street bank to appoint a woman, Jane Fraser, as its chief executive last year. In 2020, its finance chief, Mark Mason, was the only Black executive among about 80 leaders atop the six biggest U.S. banks when the murder of George Floyd prompted a global reckoning over racism.

Since then, large banks have pledged to diversify their management and workforce.

Citigroup said in September it aimed to boost global representation of women in assistant vice president to managing director levels to 43.5% in 2025 from the current 40.6%.

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