Citigroup raises minimum wage to $15 following political pressure
Citigroup Inc. raised its minimum wage to $15 per hour after being grilled by U.S. lawmakers about its pay gap between high-level employees and branch workers.
America’s third largest bank quietly implemented the wage increase on June, 1, after Rep. Maxine Waters, chairwoman of the House Financial Services Committee, asked Citigroup’s CEO Michael Corbat if he’d consider a $20 minimum wage.
Citigroup has been underfire for having the largest pay gap out of all the big banks in the U.S. Corbat, in particular, faced backlash for making $24.2 million last year, 486 times the median employee salary of $49,766.
“If you were an employee, and you saw your boss making $486 for every dollar you make, how would you feel about that?” Rep. Nydia Velazquez, D-N.Y., asked Corbat in April.
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Citigroup is the latest big bank to raise its minimum wage following Wells Fargo, which has implemented a $15 minimum wage, and JP Morgan, which implemented between $15 and $18 minimum wage depending on cost of living. Bank of America Corp has also vowed to raise its minimum wage to $20 by 2021.