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HomeLife InsuranceCiti Swimsuit Raises #MeToo Claims at Wall Road’s High Ranges

Citi Swimsuit Raises #MeToo Claims at Wall Road’s High Ranges

Ardith Lindsey’s lawsuit accusing Citigroup Inc. of tolerating years of sexual harassment and assault towards her struck a chord throughout Wall Road for a lot of causes, not least of which was her title: managing director.

It’s usually essentially the most senior rank in finance other than these in govt administration positions, one which comes with enhanced compensation and, presumably, energy. Ladies at that stage are sometimes touted by banks as examples of how gender is not any bar to development.

However Lindsey, 40, says seniority didn’t defend her, nor did the elevation of one other girl, Jane Fraser, to be Citigroup’s chief govt officer.

Lindsey joined Citigroup in October 2007 after graduating from the College of Virginia.

Based on her go well with, she spent her total profession within the financial institution’s equities division, beginning as essentially the most junior member on the digital gross sales buying and selling desk. She grew to become head of that desk in 2021, when she was promoted to managing director.

“I used to be undoubtedly somebody that very a lot had a highlight on me as being somebody who was going to proceed to develop and tackle extra accountability inside the agency,” she mentioned in a latest interview. That’s modified since she’s come ahead, Lindsey mentioned.

“Quite a few senior individuals within the trade have informed me my profession in finance is completed,” she mentioned. Lindsey mentioned she’s at present on depart from financial institution.

When requested for remark, Citigroup referred to an earlier assertion on the matter during which it mentioned, “Our values and expectations are clear — nobody ought to ever be discriminated towards or harassed within the office.”

The financial institution mentioned on the time Lindsey’s go well with was filed that it might defend itself towards her claims.

Lindsey joins different senior Wall Road ladies who’ve mentioned they skilled office mistreatment regardless of their rank.

Final yr, Bloomberg reported that Goldman Sachs Group Inc. had paid out properly over $12 million to a feminine accomplice, a place above managing director at that financial institution, who’d complained internally that ladies made lower than males and had been topic to vulgar and dismissive feedback by senior executives.

Jamie Fiore Higgins, a former Goldman managing director, made comparable accusations in a 2022 e book, “Bully Market.”

‘It Will get Worse’

The allegations problem the banks’ efforts to current an image of better gender equality, usually by pointing to rising numbers of feminine managing administrators. Earlier this month, Citigroup introduced it had promoted 304 individuals to that place, 30% of whom had been ladies.

Final month, Goldman mentioned ladies accounted for 31% of its newest managing director class.

“You’re on the high of the meals chain, and also you’re nonetheless being objectified by people who find themselves on the buying and selling flooring,” mentioned Marjorie Mesidor, a accomplice at regulation agency Wigdor LLP who focuses on sexual harassment fits however will not be concerned in Lindsey’s case.

Higgins, the previous Goldman managing director, mentioned that, in her expertise, banks truly anticipate higher-ranked ladies to place up with much more unhealthy habits by their male colleagues.

“It will get worse as you get extra senior,” she mentioned, noting that the bigger compensation packages for managing administrators give the banks extra leverage. They will successfully ask, “The place are you going to go that’s going to pay you this a lot?”

Goldman mentioned final yr that it strongly disagreed with Higgins’ characterization of its tradition however declined to answer her particular allegations, which included modified names, composites, compressed timelines and recreated dialogue.

Relating to its settlement with the accomplice, Goldman final yr mentioned it disputed Bloomberg’s story however declined to supply specifics. A decide who reviewed the accomplice’s criticism in a separate case mentioned it described “repugnant ‘bros’ membership’ habits and Goldman’s tolerance of it.”

Most senior Wall Road ladies aren’t fairly on the high of the meals chain. Except Fraser, the CEOs of the largest US banks are all males, and feminine managing administrators nonetheless usually report back to much more senior male executives.

Fraser has hailed Citigroup’s success in assembly targets for diversifying its govt ranks. Final yr, she introduced that the financial institution was aiming to have ladies account for 43.5% of individuals in positions starting from assistant vp to managing director by 2025, up from 40.6% in 2021.



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