NEW YORK--(BUSINESS WIRE)--Citi today released its 2016 Global Citizenship Report, highlighting efforts made in the last year to responsibly provide financial services that enable growth and progress. The report is divided in two sections - “How we do Business” and “Solutions for Impact.”
The first section describes Citi’s values and the ways in which the firm operates responsibly, from reinforcing the highest ethical standards to operating in an environmentally friendly manner and safeguarding clients’ privacy. The second section provides examples of the many ways Citi works with clients and communities to meet the world’s toughest challenges, including building inclusive cities, working with governments on critical infrastructure projects and financing solutions that protect against climate change.
“Responsible business practices are not only the backbone of Citi’s success, but are crucial to protecting the broader financial system and the communities in which we live and work,” said Citi CEO Michael Corbat. “As a global financial institution, Citi is well positioned to help address complex societal challenges that matter to our clients and impact our communities. This report offers a look at the many ways we stand for progress in all that we do.”
Among the many examples of Citi’s impact throughout the report, key highlights include:
- Sustainable growth: Citi’s progress toward its 10-year, $100 Billion Environmental Finance Goal continues at a robust pace. Since announcing the commitment, environmental finance activity reached $97.5 billion in just three years, with $26.3 billion in 2016. Although on track to achieve the goal in 2017, the company is redefining what completion means by adopting a new methodology that counts only Citi’s share of a transaction rather than total deal value. This approach is based on established finance sector league table accounting. Applying this new methodology, adjusted overall finance activity since 2014 is $41.2 billion. These measures reflect both a commitment to addressing climate change through business activity and a willingness to learn and adapt as the field of environmental finance continues to evolve.
- Connecting youth to jobs and opportunity: The Citi Foundation’s Pathways to Progress, a $50 million effort launched in 2014, achieved its initial goal of helping more than 100,000 young people in 10 U.S. cities become career-ready through first jobs, internships, and leadership and entrepreneurship training. At the start of 2017, Pathways to Progress expanded globally, with a $100 million investment to connect 500,000 young people inside and outside the U.S. to training and jobs over the next three years. It's the largest philanthropic commitment in Citi’s over 200-year history.
- Small business and affordable housing: In 2016, Citi increased lending to small businesses in the U.S. to more than $11 billion, raising Citi’s total over the last five years to nearly $50 billion. Once again, Citi was the leading financer of affordable housing in the U.S., as has been the case for seven years in a row, financing $5.75 billion in affordable housing totaling 46,000 units.
- Financial resilience: Citi piloted the Citi ATM Community Network in 2016 providing free use of Citi’s ATM network to over 300,000 clients of participating minority-owned banks and credit unions.
- Inclusive communities: The Citi Foundation launched the Community Progress Makers Fund, a two-year $20 million initiative to support local organizations working to build more sustainable cities in the U.S.
- Volunteerism: Citi celebrated its 11th annual Global Community Day, when 85,000 Citi volunteers, often accompanied by friends and family, took part in volunteer projects in more than 500 cities located in over 90 countries.
This report is in accordance with the Global Reporting Initiative’s (GRI) G4 Core guidelines and aligned with the United Nations (UN) Global Compact and UN Guiding Principles on Business and Human Rights frameworks. To learn more about Citi’s citizenship efforts across the globe and to review the 2016 Global Citizenship Report, visit http://citi.com/citizenship/.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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