Citigroup Promotes a Record 18 Female Managing Directors in Asia

Citigroup has promoted 18 female managing directors in Asia, a record number in the region, ramping its female representation during its appointment of new executives for next year.

The female executives accounted for 35 percent of 52 managing directors promoted for next year in Asia, according to a memo seen by Bloomberg and Insider.

Citibank announced its overall slate of managing directors for 2022 earlier this week, following Goldman Sachs which was first Wall Street firm to begin promoting new executives in November.

Women make up 34.6 percent of the appointees worldwide, falling short of Citibank’s goal to have its senior ranks comprised of 40 percent women by the end of 2021.

Citibank’s new CEO Jane Fraser, the first woman to helm a major U.S. bank, said in a memo that the bank’s new managing directors “represent one of the largest and most diverse classes in recent years.” In the U.S. alone, 35.3 percent of the slate were Black, Latino and Asian.

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