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Citi Adopts $15 Minimum Wage After Prod From Maxine Waters

  • Firm discloses raise to lawmaker, saying it began in June
  • She asked CEO Michael Corbat about pay after April hearing
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Citigroup Quietly Adopts $15 Minimum Wage
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Citigroup Inc. quietly boosted its minimum wage to $15 an hour, joining competitors in awarding raises to rank-and-file staff, after House Financial Services Committee Chair Maxine Waters prodded the firm.

Unlike other major banks that announced similar moves in news releases, Citigroup disclosed its decision directly to Waters after she asked Chief Executive Officer Michael Corbat whether he would consider raising the minimum to $20. The move to $15 took effect June 1, the bank told her in a statement, according to a copy of the exchange released by the California Democrat’s office on Tuesday.