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Citigroup pledges to close gender and racial pay gaps

Citigroup
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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.