CITI'S RECORD PROMOTIONS FOR WOMEN STILL LAG

Citigroup Inc. promoted 70 women in its latest class of managing directors, the most ever but still less than a third of the total. The 29 per cent of women in the 241-person group was a slight improvement from last year's 28 per cent, according to the company. This year's class also included five Black managing directors, up from three a year ago. The firmwide promotions were announced in an internal memo to employees this month by chief executive Michael Corbat and Jane Fraser, pictured,who will take over the top job next year. The New York-based bank has been trying for years to improve the diversity of its ranks and narrow the pay gap between men and women in its global workforce. Citigroup this year has also hired a number of female executives for top positions across the bank.