Key Points
Interviews with 22 people who worked in or closely with the equities division suggest the incidents weren't an aberration, painting a picture of persistent harassment and discrimination at Citigroup's equities unit in New York, which advises on and executes trades for top hedge funds and other Wall Street players..
Complaints to senior executives and human resources didn't lead to change, fueling the perception of an insulated in-crowd and prompting several employees to leave while some alleged perpetrators remain, the people said.. Citigroup, which three years ago made history by appointing Jane Fraser as the first female CEO of a major US bank, has led rivals on many measures of a more equitable culture..
Although several of the alleged incidents would clearly violate Citis code of conduct, we have not identified a complaint being filed for several of them, others are more than a decade old, and some contain allegations that are either baseless, too vague, or involve people who have left the firm, said Costiglio...
Six people there besides the derivatives trader said that they complained about what they saw as workplace misconduct to senior colleagues or human resources and were disappointed with the outcome, feeling the bank didnt take sufficient action...
According to one of them, Keegan was told that senior staffers egged on a junior banker to show the underwear of a woman hed apparently slept with; Keegan, who left Citigroup in 2022, didnt respond to messages..
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