Citigroup pledges to close gender and racial pay gaps

Citigroup has announced that it will disclose and take steps to reduce pay gaps for women and minorities in the U.S., the U.K. and Germany, reports Bloomberg.

Why it matters: Citigroup is the first large U.S. bank to pursue a pay gap initiative. The move follows shareholder pressure by Arjuna Capital, an activist investing firm that plans to target eight other financial institutions in 2018.