Banking Exchange Magazine Logo

Citi Silences Critics by Raising Minimum Wage

Most large U.S. banks have raised the minimum wage for employees

  • |
  • Written by  Banking Exchange staff
  • |
  • Comments:   DISQUS_COMMENTS
Citi Silences Critics by Raising Minimum Wage

How does a large bank silence critics from the left, combating the usual charge of corporate greed? Citigroup answered by raising its minimum wage for Citigroup workers to $15 per hour, the same rate many politicians have been campaigning on to raise the national minimum wage to for all businesses.

Last month, Banking Exchange reported that JP Morgan raised the minimum wage for their employers all of the way to $18 per hour, yet received little praise from lawmakers.

Citigroup is the third largest bank by asset size, and had congresswoman Maxine Waters request the bank raise its hourly wage to $20 earlier this year. While Congress has been consistently critical of the difference in pay between banking executives and lower level employees, they often fail to compare the wages with other jobs at the same skill level in other industries. Congress lectured Michael Corbat, the head of Citi, that he made almost 500 times the amount of Citi’s average worker based on his total compensation package of $24 million.

Banks have responded by pointing to President Trump’s corporate tax cuts last year as an inspiration to raise the wage of their average employee. In addition to JP Morgan raising its minimum wage to $18 per hour, Wells Fargo also raised its minimum wage to $15.

Lawmakers in the United States traditionally focus on the largest banks when it comes to executive and median employee compensation disparities. Community banks have not been targeted in 2019 by Congress, either for large executive compensation packages or for low wages.

back to top


About Us

Connect With Us


Webinar: From KYC to IDV

How three leading banks are utilizing cutting-edge
digital tools to onboard, win, and wow customers

Time/Date: June 23, 2021 11:00 a.m. ET

Digital adoption, already moving at warp speed, accelerated seven years into the future during the COVID-19 pandemic. As the number of bank branches continues to fall, with at least one study predicting all branches will disappear by 2034 (Fox Business) and foot traffic declining (Vox), today’s most innovative banks are charting a new, digital-first path to win over customers while increasing security, meeting KYC compliance requirements, and winning customers to drive revenue.

In this webinar, you’ll hear from John Baird, Founder & CEO of Vouched, Tyler Crawford, COO of Bankers Healthcare Group, Anand Sathiyamurthy, CPO of Flagstar Bank and Daniel Sheehan, Chairman & CEO of Professional Bank as they describe their vision for digital transformation and how customer expectations are changing to digital first. They’ll also explore how fostering an innovation mindset creates new ways to tackle complex KYC problems and allows them to quickly compete in new markets and win customers.


This webinar is brought to you by:
Vouched Logo