Citigroup agrees to another bias settlement

Citigroup is finding it hard to shake Smith Barney's "boom-boom room" image that has dogged its reputation. The latest: Smith Barney has agreed to pay $33 million to some 2,500 brokers, who alleged discrimination. The settlement also calls for changes in the way it awards bonuses and new accounts and to do more to promote women. A judge in San Francisco still has to approve the deal. While the suit fortunately lacked some of the lurid details of previous suits, it's indicative of some important issues that can determine success. One big issue was how promising accounts are doled out to brokers. It appears that most of the top banks are promoting their diversity effort--if only for PR purposes. Whether this will make any real difference for women and minorities remains to be seen.  

For more:
- here's the article from the Independent

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