Arjuna Capital: BNY Mellon Joins Bank of America, Citi & Wells Fargo As 4th Bank In 4 Weeks Working To Close Gender Pay Gap

In less than a month, four of the biggest banks and financial institutions in the U.S. have disclosed efforts to remedy gender pay inequity. Responding to shareholder proposals from Arjuna Capital calling for detailed reports and wage data disclosure, the Bank of New York Mellon – the world’s largest custodian bank and asset servicing company – became the fourth bank since January 15th to agree to close both its gender and racial pay gaps.  In response, Arjuna Capital withdrew its shareholder proposal at BNY Mellon.  Four of the nine banks…

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Bank of America Is 2nd Top U.S. Bank to Act on Shareholder Pressure to Close Gender Pay Gap

Six U.S. banks and financial institutions were first targeted for gender pay gap action in 2017.  This week, Bank of America (BofA) became the second of the banks to agree to report on and work to close the gender pay gap.  In response to BofA’s steps, Arjuna Capital withdrew its gender pay shareholder proposal today, along with co-filer Baldwin Brothers Inc. (1)  On January 15th, Citigroup was the first of the six top financial institutions to take such action.  Repeating the sector-specific gender pay equity campaign that led earlier to…

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Citi Responds To Shareholder Pressure To Close Gender Pay Gap

Citigroup and Arjuna Capital disclosed today that Citi is taking steps to provide gender and ethnicity wage data and commit to closing the gap, making it the first U.S. bank to respond to shareholder concerns. In response to Citi’s steps, Arjuna Capital withdrew its gender pay shareholder proposal on Monday, January 15, 2018.   Citi’s announcement represents a major shift for U.S. banks and credit card companies, since no financial services company so far targeted by shareholders for gender pay has taken such action. Bank of America, MasterCard, American Express,…

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