CITI TO RAISE COMPENSATION FOR WOMEN, MINORITIES

Citigroup will boost job compensation for women and minorities in a bid to close pay gaps in the U.S., United Kingdom and Germany, becoming the first U.S. bank to respond to shareholder pressure about the inequalities. Monday’s announcement by the New Yorkbased financial company stemmed from a Citigroup compensation assessment in the three countries that found women on average were paid

99% of what men got and minorities on average received 99% of what nonminorities were paid. The action prompted investment advisory company Arjuna Capital to withdraw the

2018 gender pay shareholder proposal it had filed in an effort to force an investor vote that would require the bank to address pay inequality.