Citigroup has quietly lifted its minimum wage in the United States to $15 an hour, becoming the last of the big banks to boost pay for frontline workers
The pay hike occurred after House Democrats pressured Citi and other firms to compensate all employees fairly.A Citi spokesman told CNN Business the company's $15-an-hour minimum wage took effect on June 1 and applies only in the United States. The change was made with little fanfare. Citi revealed the new minimum wage in a statement to the House Financial Services Committee that was made public Tuesday. Rep.
Some US states, including New York, New Jersey and Maryland, have adopted $15 minimum wages that willl take effect over the next several years. Earlier this year, lawmakers scolded Citi CEO Michael Corbat for the large gap between his pay and that of his typical workers.Corbat's total compensation for 2018 was $24.2 million. That's 486 times larger than the median pay for Citi's workforce, which stood at $49,766 in 2018.
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