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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.
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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.
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.