Citigroup Inc. ramps up the appointment of more women managing directors in its Asian operations in a fresh sign of its strong commitment to its promise of closing the gender gap.
The American multinational investment bank promoted 14 women as managing directors in Asia within this year. Specifically, the appointment was 14 women out of all 17 appointees.
The number accounted for 31% of the overall 45 MDs across the banks' Asian locations. By comparison, Citigroup only had eight or 21% of women MDs in Asia in 2018.
The American multinational investment bank wants to expedite closing the gender gap within its organization. Its main objective is to appoint women in at least 40% to its executive positions starting from vice-presidents.
In 2018, Citigroup became the first U.S. bank to publicize unadjusted pay gap figures within the company in its U.S. locations. That year, the bank said women are receiving pay at 99% of what men received. At the same time, minorities are paid on average 99% of what non-minorities get.
In January 2019, Citigroup examined its global operation and found that women employees are paid 29% less than the men employees. At the same time, U.S. minorities earn 7% less than non-minority. In the same month, Citigroup expressed a strong commitment to closing the gender gap by starting with promoting women at the Assistant Vice President through MDs. The goal is to appoint 40% women for global branches and 8% for minority employees in the U.S. The goal should be achieved by the end of 2021.
Elsewhere in Asia, countries are starting to recognize women's economic contributions with many governments acknowledging that closing the gender gap is crucial in a nation's progress.
In August 2019, a report from McKinsey found that women in Asia brought in 36% of the region's GDP. The percentage was in line with the average contributions seen in other regions.
McKinsey said that women in Asia could increase their contribution to an additional $4.5 trillion of GDP by 2025. The amount could account for a 12% increase in the overall GDP estimated for the whole of Asia.
When examined on a per-country basis, women in China contributed 13% to the country's overall GDP. The Asian powerhouse is now home to 114 out of the 150 self-made billionaires from all over the world.
In developed countries, like Singapore and Japan, women could contribute to 5% and 6% increases to their respective GDPs if given equal opportunity with men.
Meanwhile, Citigroup said it is targeting higher market revenue in the fourth quarter. As per Chief Financial Officer Mark Mason said, market revenue should increase in the high teens by the said quarter. The announcement was made coinciding with its pronouncement of more women in the organization.
