Citi Sued for Sexual Discrimination

Citi is in the spotlight for allegedly engaging in sexual discrimination during layoffs in 2008.
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NEW YORK (

TheStreet

) --

Citigroup

(C) - Get Report

is in the spotlight for allegedly engaging in sexual discrimination during layoffs in 2008.

The recovering financial institution was reportedly accused of using the massive layoffs it experiencing during the worst of the financial crisis as a way to get rid of some female employees but keeping on staff less qualified men, according to the

Associated Press

.

A lawsuit was filed Wednesday in the U.S. District Court in Manhattan, in which Citi was accused of "pervasive discrimination and retaliation" toward female staff during its November 2008 layoffs - the same time it took $45 billion in government aid, the article said. The lawsuit also accused Citi of paying women less than men and that they also frequently lose out on promotions and raises, among other things.

The lawsuit also claimed that Citi continues to evoke a "boys club" mentality that guarantees that management positions are mostly men, the

AP

said.

According to its website, its 46-person senior leadership committee is comprised of five women and 41 men.

The lawsuit was filed by six women and is seeking unspecified damages, class-action status and a court order to end discrimination, according to the article.

Citi said in a statement that many of the claims by the women "are either totally inaccurate or selectively incomplete. The facts do not support their claims of gender discrimination."

Citi also said it has a "long-standing commitment to equal employment practices and to provide a professional and respectful workplace."

Additionally: "We are disciplined, focused, consistent and vigilant in regard to our diversity-related efforts," according to the statement. Citi identified women in top positions at CitiFinancial North America, its chief compliance officer, its chief innovation officer, chief marketing officer and chief auditor.

Citi reports third-quarter earnings on Monday

. Shares were falling Thursday roughly 4.6% to $4.05 on strong trading volume in line with the broad sell off in financial sector.

--Written by Laurie Kulikowski in New York.

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Laurie Kulikowski

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