When CEO Michael Corbat announced a long list of promotions and executive changes at Citigroup earlier this month, one notable feature of the lineup was its all-male cast.
American Banker reports that the only woman named in Corbat's 800-word memo was Sara Wechter, his new chief of staff, who held the same role for Chairman Michael O'Neill. All 13 of the executives now reporting directly to Corbat are men.
Male dominance is an age-old feature of big banks' executive suites, but it appears to be particularly acute at Citigroup, which now counts only one woman among its 24-member operating committee. Cece Stewart, the president of U.S. consumer and commercial banking, reports to global consumer bank head Manuel Medina-Mora, who was promoted to co-president of Citigroup this week.
The lack of gender diversity among Corbat's top lieutenants could lead to another round of unflattering scrutiny at Citigroup, which has spent the past five years trying to edge out of the spotlight. It is also the latest example of a persistent industry-wide trend that critics argue hurts more than just banks' reputations. Companies lacking boardroom and executive-suite diversity tend to underperform and expose themselves to operational risks, corporate governance experts say.
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