Citigroup has poached a senior executive from Goldman Sachs in a bid to hit increasingly ambitious diversity targets.
Citigroup named Erika Irish Brown as its new chief diversity, equity and inclusion officer and global head of talent, according to an internal memo seen by Financial News and a blog on the bank’s website. Brown joins from Goldman Sachs, where she was chief diversity officer.
The memo, from Sara Wechter, head of human resources at Citi, said the bank was “just getting started” on its diversity goals, with an investment in an inclusive culture one of the key targets set out by its new chief executive Jane Fraser, who became the first women to lead a major Wall Street bank in March.
Irish Brown spent two years as the chief diversity officer at Goldman Sachs, and previously worked in a similar position at Bloomberg. Before this, she was senior vice president of diversity and inclusion at Bank of America.
Goldman Sachs has named Megan Hogan as its new chief diversity officer, according to an internal memo seen by Financial News, Bentley de Beyer, the bank’s head of HR. Hogan joined as a vice president in 2014 and was promoted to managing director in 2019.
Citigroup has set a diversity goal of 50% women within its analyst and associate programmes and 30% Black and Hispanic/Latino in the US. The bank has also pledged to increase female representation to 40% by the end of this year, from the assistant vice president through to managing director level. In the US, it is aiming to have eight percent Black employees by the same time.
The bank’s latest gender pay gap report shows that its median pay for women globally is 74% that of the median for men. This essentially means that women earn 26% less than men on average across the firm as a whole. Citi has made an effort to promote more women into leadership roles after former CEO, Mike Corbat, described the gap as an “ugly number”.
“There is so much great work going on across the firm, and Erika will bring a fresh perspective on global DE&I strategies for all levels of the organisation,” wrote Wechter. “This includes building our leadership pipeline, providing actionable counsel and support to our global network of Affinities and serving as an external partner to relevant industry groups, diversity organisations, and associations.”
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