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.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.