Citigroup Will Pay $33M to Settle Gender-Bias Suit

Citigroup will pay $33 million to some 2,500 female brokers to settle a gender-discrimination lawsuit brought by women at its Smith Barney unit, Reuters reports. The bank will also make operational changes in response to the class-action move, adding diversity-watchdog positions, working to retain and promote female workers and adjusting its distribution of accounts and bonuses.

“We are committed to continuing to provide a professional and respectful work environment to all of our employees,” a company rep said today. In 2005, the brokers accused Smith Barney of denying women equal training and a fair shot at bonuses, promotions and accounts. A hearing April 30 will air further details of the settlement, Reuters adds. (More Citigroup stories.)