Citi Foundation funds US university research

Funding of $25 million will support research into key aspects of the financial services landscape

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Over the next five years, the Citi Foundation will provide $25 million to leading US universities as part of its Financial Insights Project. Funding will support research into key aspects of the financial services landscape including innovation, technology, globalization and consumer behavior.

"I believe banks should play a leadership role in advancing the conversation on the future of finance," said Vikram Pandit, CEO of Citi.

"As the economy emerges from the downturn, now is the time to engage the brightest minds at top academic institutions in a research initiative that explores the emerging trends, innovations and technologies rapidly transforming the global economic landscape."

Five graduate schools will be awarded grants in 2011: Columbia University, Harvard, Massachusetts Institute of Technology, Stanford and Yale.

Each institution will have a distinct field of enquiry and be eligible for up to $1 million a year, potentially renewable over five years. Additional participating universities will be announced over the course of the project. Research findings will not be proprietary to Citi or the Citi Foundation.

Citi Foundation works with other higher learning institutions on a range of projects. It supports Harvard Business School's research into Responsible Finance in the aftermath of the financial crisis and is a partner in the Future of Finance Initiative at Berkeley's Haas School of Business.

In addition, Citi Foundation sponsors four leadership development programs at the University of Pennsylvania Wharton School, New York University, Columbia University and Cornell.

Research topics currently funded by the Financial Insights Project are:

Columbia University: Globalization: Innovation, Risk and Regulation in a Global World

Harvard Business School: U.S. Competitiveness: Sustaining the American Advantage

MIT's Sloan School of Management: Impact of Technology on Retail Banking and Consumer Finance

Stanford Graduate School of Business: Financial Services Innovation and the Impact of Social Media on Financial Services

Yale School of Management: The Dynamics of Consumer and Financial Behaviors in China and India