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

Bank plans to change infrastructure as result of action brought by 2,500 women
By Matt Cantor,  Newser Staff
Posted Apr 4, 2008 4:44 PM CDT
Citigroup Will Pay $33M to Settle Gender-Bias Suit
A Smith Barney office is seen in the Westwood district of Los Angeles, Tuesday, April 10, 2007.    (AP Photo/Reed Saxon)

(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. (Read more Citigroup stories.)

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