Citigroup Inc. on Friday confirmed it agreed to pay $33 million to about 2,500 current and former female brokers at its Smith Barney unit to settle a class-action gender discrimination lawsuit.
The agreement also requires the largest U.S. bank to change how it awards bonuses and assigns accounts, and to adopt measures to help retain and promote women, papers filed Wednesday with the U.S. District Court in San Francisco show.
The plaintiffs had accused Smith Barney in the original March 2005 complaint of preventing female brokers from competing fairly for new accounts, promotions and pay, and of depriving women of equal training and sales support. They also accused Smith Barney of using past performance as a means to award business and pay -- putting women who had been discriminated against in the past at a disadvantage.