Citigroup Promotes a Record 18 Female Managing Directors in Asia

(Bloomberg) -- Citigroup Inc. has appointed 18 female managing directors in Asia, a record number of such promotions for the region.

They accounted for 35% of the 52 managing directors promoted for 2022, according to a memo sent by the bank’s chief executive officer in the region, Peter Babej. A Hong Kong-based spokesman confirmed content of the memo.

The bank has set a goal to increase female representation in its analyst and associate programs to 50% globally as a springboard to raising the number of women in its upper echelons, according to its 2020 diversity annual report. The bank currently has women serving as country CEOs in Korea, China and Hong Kong and as the regional head of operations and technology. 

Overall, about half of the new managing directors are with the institutional client group and the global function saw the second-biggest number of promotions, with 14, according to the memo. Female employees accounted for about one-third of the senior promotions in both groups, according to the spokesman.

Wealth management operations, and the technology division each appointed four new managing directors, and five were elevated in the retail banking business.  

The senior rank promotion of women was the highest ever both as a percentage and as a number for Asia. The bank elevated 13 women to managing director in the region last year, or 30% of total, compared with six, or 21% in 2017, according to the spokesman.

Citigroup this year started an early intake program in Asia to boost the hiring of women in investment banking and markets. The program provided early training for 50 female students for its summer analyst hiring program, aiming to identify and mentor talent early and offer candidates with training to improve their chance of securing spots in the 10-week summer internship.

Globally, female representation in full-time analyst and associate roles increased marginally to 46% in 2020 from 45% a year earlier. That’s up from 35% in 2018, according to its annual report.

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