1. Bloomberg reported new details about sexual harassment in Citigroup’s equities division.
2. A former managing director filed a lawsuit last year, alleging a toxic culture persisted until 2022.
3. During that time, the division underperformed, lagging behind other Wall Street banks.
Bloomberg recently reported new details regarding sexual harassment within Citigroup’s equities division. A former managing director filed a lawsuit last year alleging a toxic culture of harassment that persisted until 2022, resulting in underperformance compared to other Wall Street banks. The report revealed a hostile work environment where women were objectified, rated by their appearances, and subjected to lewd discussions and unwanted advances.
Despite these allegations and the underperformance of the equities division, Citigroup has taken steps to foster an inclusive and equitable workplace environment through continuous efforts. The bank provides avenues for employees to raise concerns confidentially, and appropriate actions are taken when necessary. Citigroup’s spokesperson emphasized the organization’s commitment to maintaining high standards of respectful treatment and ensuring compliance with workplace standards.
The investigation by Bloomberg comes in response to a lawsuit filed by Ardith Lindsey, a former managing director at Citigroup, who detailed horrifying experiences of sexual harassment, gender discrimination, and assault during her time at the firm. Other employees also reported similar experiences, including incidents of harassment and inappropriate behavior during client dinners and interactions with senior colleagues. Despite these challenges, Citigroup has made efforts to promote tolerance and inclusivity, particularly by supporting flexible work arrangements that have increased female representation in the workforce.
While Citigroup has faced criticisms for the toxic culture within its equities division, the organization has made progress in creating a more welcoming environment. With the appointment of Jane Fraser as its CEO in 2021, Citigroup became the first major bank in the United States to have a female leader, signaling a commitment to diversity and inclusion within the organization.