Colleague Engagement Update

Note to colleagues below from Citi CEO Jane Fraser:

Colleagues,

I know that many of us around the world have been following developments related to diversity initiatives across all U.S. institutions – public, private, higher education, among others – and understandably want to learn what that means for Citi. The EMT and I have given this topic a significant amount of thought and I want to update you on what has been decided as of now. 

There are four principles that guide our approach.

1. A workforce consisting of the best talent from the broadest pools available allows us to best serve our clients and communities globally.
   We’ve long been clear about the benefits we derive from having a workforce of varied backgrounds, experiences and perspectives because that allows us to better serve our clients and communities. With our global footprint, this has always been a priority for us, and we continue to aspire to have a workforce that represents all backgrounds. Ensuring the best and brightest want to be at Citi is essential to continuing our progress on our priorities of delivering strong business performance and advancing our Transformation.
    
2. Our talent and engagement initiatives enable colleagues of all backgrounds to feel valued and to thrive.
   We are proud of Citi’s long track record of being a meritocracy and attracting, retaining and developing top talent. We are steadfast in our commitment to maintaining a workplace where every colleague feels included because that is what allows everyone to contribute their best to Citi. We are, after all, in a service business, which means attracting top talent and ensuring they thrive at Citi is essential to our performance. 
    
3. As a global company, we celebrate the vibrant cultures and communities of our workforce.
   As one of our Leadership Principles states, we value and learn from different perspectives to surpass stakeholder expectations. As we live this principle, we enjoy many enriching opportunities to learn about and experience the cultures and heritages represented by our global colleague base as well as our clients and partners around the world. These experiences and our employee networks are open to colleagues of all backgrounds, and all are welcomed and encouraged to participate.
    

4. We comply with the law in the places where we operate. 
   The recent changes in U.S. federal government policy, including new requirements that apply to all federal contractors, call for changes to some of the global strategies and programs we’ve used to attract and support colleagues from various backgrounds. While we will aim to be as globally consistent as possible, complying with local rules in each of the places where we do business may require some differences in approach.

   Complying with the law means we will continue providing equal employment opportunities. We will not tolerate discrimination or harassment of any type. 
    

Changes to our approach

While we aim to retain the benefits that come from having a global and diverse colleague base, and with the above principles as our guide, we will change some of the practices we’ve used. 

• We will no longer have aspirational representation goals except as required by local law.
• We will no longer require diverse slates of candidates and diverse panels of interviewers, but we will still encourage the best practice of having a variety of perspectives included in hiring decisions and continue sourcing talent from the broadest available pools.
• Given the continuation of our robust Talent Management practices and the changes to the mandate of the existing “Diversity, Equity and Inclusion and Talent Management” team that are described in this note, the group will now be called, “Talent Management and Engagement.”

It is important to note that we’re living in an environment where things are changing quickly. We will determine if additional updates are needed to other areas in the coming weeks. For example, certain business-specific initiatives and our supplier efforts need further evaluation before we have clarity about the responsible path forward. Any necessary changes will take a few weeks to implement once decisions are made. 

One Citi on a Mission 

When we talk to our teams and our clients, there is a near-universal agreement on the best parts of Citi’s culture. We are globally minded. We are collegial. We are a human bank that values relationships. We want to do the right thing. We love serving clients. These attributes are great sources of pride for all of us, and together with our Leadership Principles, they form a baseline for who we are and how we do what we do.

While our colleagues are well-skilled at adapting, we know that there are times when changing can be difficult. But what makes us Citi isn’t changing. Thank you for supporting each other and our clients as we navigate the road ahead.