Story 356

Most of Citi’s current and former Black senior leaders were not developed exclusively within the organization. They were recruited because they brought distinguished credentials, significant leadership experience, and proven records of delivering results. They were accomplished executives who chose Citi, many during a period when the company publicly committed to increasing diversity within its leadership ranks. I was one.

A few years ago, Citi published a list of all Black Managing Directors as evidence of progress toward that commitment. For many of us, the list represented hope. For others, it served as a benchmark against which future progress could be measured.

If that same list were published today, would it tell the same story?

Or would it reveal that representation has declined—particularly at the senior leadership level?

That is a question worth asking. However, I believe the later as last week I learned yet, another Black Managing Director is leaving the firm.

What changed?

There was a time when accountability for representation was visible. Senior leaders communicated expectations around diverse candidate slates, diverse interview panels, and creating opportunities for underrepresented talent. Leadership engaged employees, sought feedback, and discussed actions being taken to improve representation. Those efforts were not isolated initiatives—they were incorporated into how leadership performance was measured. They were part of the scorecard.

Today, many employees would struggle to identify similar expectations or accountability. Whether those efforts quietly ended or simply became less of a priority, the contrast is difficult to ignore.

The questions are straightforward.

-Are leaders still expected to build diverse candidate pools?

-Are executive sponsorship and leadership development opportunities reaching all qualified talent?

-Which businesses consistently develop diverse leaders—and which have produced few or none?

As the Head of Talent Management and Engagement shared during a diversity network update, “we’re reviewing the data”. The answers should be evident in the data.

Take a glimpse through LinkedIn, other than the former CFO and Head of Talent, what Sr. Black Leader are visible?

Review publicly announced Managing Director promotions and compare representation over time and against peer institutions. The numbers that stood out were sad, but not surprising: 71.7% male; 4.5% Black.

Examine leadership representation across major businesses such as Technology, Enterprise Risk, Wealth, Finance, the COO organization, Clients and Internal Audit. Where representation is limited or absent, ask why.

Review discrimination complaints and workplace investigations.

Analyze workforce reductions, reorganizations, and promotion decisions for patterns. Look for consistency. Look for disparities. Follow the evidence wherever it leads.

A recent quote summarized one of the structural challenges facing many organizations: “Referrals run corporate America. They always have. Referrals don’t work the same for Black & Brown professionals. It’s not because we don’t network… It’s because we don’t have enough Black & Brown leaders in decision-making roles who can sponsor people the way other communities do”.

Her observation aligns with decades of leadership research showing that sponsorship—not simply mentorship—is one of the strongest predictors of executive advancement. Representation at the top influences opportunity throughout the leadership pipeline.

This is only one story among many. While each story stands on its own, together they reveal undeniable recurring patterns.

Unlike some, I do believe these stories have caught the attention of Jane and other leaders. Leadership has an opportunity—and a responsibility—to respond, sooner, rather than later, based on the steady increase in stories.

The questions have now been asked.

Whether leaders choose to answer them is up to them.

To all those who have shared your story, “thank you”. Your courage has given me courage.