Citigroup CEO defends support of Brazilian president amid LGBTQ controversy
Brazil's Jair Bolsonaro has a history of making homophobic comments. He recently said Brazil cannot become a “gay tourism paradise.”
By Ryan Ruggiero, CNBC
Citigroup CEO Michael Corbat defended the Wall Street bank’s sponsorship of an upcoming event in New York City honoring Brazil’s president Jair Bolsonaro, who has a history of homophobic comments.
Corbat told CNBC’s “Squawk on the Street” that the bank spends “a lot of time” making sure its staff understand the company’s support of the LGBTQ community. Corbat stopped short, however, of pulling out of sponsoring the event planned by the Brazilian-American Chamber of Commerce to honor Bolsonaro at its 2019 Person of the Year Award Gala Dinner.
Bolsonaro recently said in an interview that Brazil cannot become a “gay tourism paradise,” the latest in a history of homophobic comments made by the new Brazilian president. Previously he has been quoted as saying he would prefer his son to be a drug addict than gay and is proud to be a homophobe.
Bolsonaro also has a long history of making incendiary comments about gender, indigenous groups and torture.
“We spend a lot of time making sure our people understand the values of our company, and I hope in the case of that, there’s no question in terms of our support, our unwavering support, for our LGBT community,” Corbat told CNBC’s Carl Quintanilla. “In there, we’re supporting the Brazilian Chamber of Commerce. We’ve operated in Brazil for many, many decades, and I think we’re very clear in terms of our stance.”
On CNBC Thursday, Corbat also defended the bank’s executive pay structure. The pay gap at Citigroup, led by Corbat since 2012, is the biggest among large U.S. banks. Corbat made $24.2 million last year, 486 times the median employee pay of $49,766. While other bank CEOs made similar paydays, higher median pay at Bank of America and J.P. Morgan Chase meant that Citigroup had the most extreme ratio.
The backlash over Bolsonaro’s views on homosexuality is one of several recent instances in which Wall Street has been wrestling with the rift between its support on social issues and business operations. A growing list of multinational banks including J.P. Morgan are banning employees from staying at hotels owned by the sultan of Brunei, where homosexuality and adultery is punishable by death.