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July 5, 2008 4:52:08 PM CDT

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Citigroup Will Pay $33M to Settle Gender-Bias Suit

Posted Apr 4, 08 4:44 PM CDT in Business    Editor's Choice

(Newser) – Citigroup will pay $33 million to some 2,500 female brokers to settle a gender-discrimination lawsuit brought by women at its Smith Barney unit, Reuters reports. The bank will also make operational changes in response to the class-action move, adding diversity-watchdog positions, working to retain and promote female workers and adjusting its distribution of accounts and bonuses.

“We are committed to continuing to provide a professional and respectful work environment to all of our employees,” a company rep said today. In 2005, the brokers accused Smith Barney of denying women equal training and a fair shot at bonuses, promotions and accounts. A hearing April 30 will air further details of the settlement, Reuters adds.

Source Reuters

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A Smith Barney office is seen in the Westwood district of Los Angeles, Tuesday, April 10, 2007.   (AP Photo/Reed Saxon)
A Smith Barney office is seen in the Westwood district of Los Angeles Tuesday, April 10, 2007.   (AP Photo/Reed Saxon)
The Citigroup Center is photographed Tuesday, Jan. 15, 2008 in New York.   (AP Photo/Mary Altaffer)
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lawsuit  • Citigroup  • bank  • settlement  • women's rights  • gender discrimination  • gender bias


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