Citigroup’s troubled stock-trading division was a toxic boys’ club marked by persistent harassment and discrimination against female employees and internal cocaine use, according to a shocking report. was ignored for many years.
Bloomberg reports that male bankers in the equity divisions who advise and execute trades for top hedge funds and other Wall Street heavyweights openly black-and-white judge their female colleagues, judge them based on their appearance, and brag about their sexual conquests. Bloomberg reported after interviewing 22 employees. Served within or close to the unit in New York.
According to two people familiar with the matter, there was also an incident in 2018 when the head of the equity department allegedly rubbed his crotch against a woman during a party for customers at Catch, a high-end sushi restaurant in Manhattan. people spoke. bloomberg They witnessed harassment.
The woman was the roommate of a recent college graduate who had been hired in the equity department for a two-year rotation program at the bank. Months later, the paper reported that a male trader told the unnamed employee to wear short skirts and high heels to work and asked her multiple questions about her love life.
According to Bloomberg, another female derivatives trader was attending a client dinner at Locanda Verde near the bank’s headquarters in 2010 when a colleague reached under the table and touched her leg. I’m thinking back to when I left it there.
Around the same time, she said, a research analyst asked her why she didn’t wear sexy shoes.
The staffer told Bloomberg that she reported the incident to human resources and a senior manager, but a female executive advised her to ignore the incident.
“While some of the alleged incidents clearly violate Citi’s Code of Conduct, we are aware that charges have been filed in connection with several of them,” Citigroup spokesman Mark Costiglio said in a statement. “We have not been able to confirm this. The other incidents are more than 10 years old and include allegations such as: It’s either unsubstantiated, too vague, or involves someone who has left the company. ”
In addition to the derivatives trader, six other people complained to bank executives about what they considered misconduct in the workplace. All told Bloomberg they felt the banks had not done enough and were disappointed with the outcome.
Two other women told Bloomberg that they kept quiet about their co-workers’ sexual harassment for fear of retaliation.
The disturbing account echoes allegations in a lawsuit filed last November by Citi managing director Ardys Lindsay, who accused her of abuse, including sexual harassment and death threats, at the hands of a former major equity banker. claims to have received it.
In court filings, Lindsey said the men in the group ranked their female co-workers based on appearance, discussed who they wanted to have sex with, pressured women to go to strip clubs, and provided sexual harassment training at the company. They also said that they often ridiculed women’s efforts.
She also accused Citigroup, her employer since 2007, of tolerating a “notoriously hostile” environment in its stock trading division and downplaying Lindsay’s alleged grievances against former colleague Mani Singh. did. alcohol and drug use, including threats to ruin her career and her reputation if she resists his advances.
After the suit was filed, Citi’s head of trading urged staff to speak up if they discovered wrongdoing, according to Bloomberg.
But employees interviewed by Bloomberg on condition of anonymity for fear of retaliation said that complaints to the bank’s human resources department did not lead to any change, with some employees fleeing while the perpetrators remained. He said he fostered a corporate culture where people quit their jobs.
In 2021, Citi appointed Jane Fraser as the first female CEO of a major U.S. bank.
Costiglio added in a statement that no one should experience discrimination or harassment in the workplace, insisting that the Wall Street giant’s “efforts to foster an inclusive and fair workplace culture will never stop.” did.
He added: “We provide a number of avenues for colleagues to raise concerns confidentially, and if substantiated, we will take appropriate action, up to and including termination.” We do not comment on internal matters, but simply put, we terminate employees who do not meet our high standards of respectful treatment, when warranted. ”
