Citibank boasts female executive workforce

―Diversity-focused, global-minded corporate culture nurtures talent―

By Lee Kyung-min

Citibank Korea is a rare financial services firm with over a third of key executive positions filled by women.

Of its 11 executives, four are women leading important departments ― human resources, corporate banking, risk management and compliance.

They are: Korea Corporate Banking Head Yoo Myung-soon, Country HR Officer Shin Dong-keum, Chief Risk Officer Yoo Ki-sook and Country Compliance Officer Hwang Hae-soon.

In Korea where a male-dominated chain of hierarchy still persists, Citibank continues to set an exemplary model for other Korean financial services firms to follow.

Many senior-level positions are held by women, making them a pool of capable talent ready to take the helm of key departments anytime.

Citi's makeup of executives is in stark contrast to other Korean financial services firms where few key officials are women.

According to quarterly reporting from the country's four major banks ― KB Kookmin, Shinhan, KEB Hana and Woori ― out of 96 executives, only three were women, Shinhan having zero and the others just one each.

Such a lack of female presence at the top executive level is not unusual in Korea.

According to data submitted Oct. 12 to Rep. Je Youn-kyung of the ruling Democratic Party of Korea from the Financial Supervisory Service on the number of female executives at financial services firms in Korea between 2013 and 2017, only 4 percent were women.

Secret: talent-nurturing programs

Citibank Korea's core priority on diversity coupled with continued training and education programs led to the fostering of talented women at the company.

The firm launched its Diversity Committee and Women's Council in 2006 which have since made quarterly reports to the bank head.

The two bodies encourage networking among female workers and active social participation with an emphasis on social responsibility and leadership.

Many female workers are encouraged to express their hardships in open and honest discussions under the broader objective of finding solutions to these problems.

This allows them to strive for their goals through continued efforts and consistent endeavors.

The Women's Council organizes various programs to raise awareness on the importance of volunteer work and maintaining humility and compassion towards others.

Practical company policies also help female workers better maintain a work-life balance.

Workers leave work at 6 p.m. sharp every Wednesday and Friday, designating as “The Family Day” and “Self-empowerment Day,” respectively.

The firm allows flexible working hours and telecommuting, a proven way to boost workers productivity and satisfaction.

Up to 10-business days of vacation are allowed. During these vacations, workers are required to leave their laptops off in order to stay fully disconnected and avoid stress from work.

The company's efforts are in line with the values appreciated by the U.S. head office, which views commitment to advancing diversity as “a proven catalyst of economic growth and progress.”

The banking group has over 150 network chapters in more than 65 locations across 38 countries with over 16,000 members. It has clients across over 160 countries and jurisdictions.

Korea International Financial Institute (KIFI) CEO Kim Sang-kyung, who doubles as the Korea Network of Women in Finance chairwoman said more women should be able to break the “glass ceiling.”.

“More women in the workforce means more productivity and increased competence. The financial services firms need to foster the talent of young women in order for them to reach their full potential.”