New York Citi and the Citi Foundation today announced an expansion of the global Pathways to Progress initiative, led by a Citi Foundation investment of $100 million to improve employability and economic opportunity around the world.
Through Pathways to Progress, young people become equipped with the skills and confidence they need to make a positive impact in their lives and their communities, and also access employment opportunities to succeed in rapidly changing economies.
Since 2014, the Citi Foundation has invested approximately $200 million globally in Pathways to Progress programming. By 2023, the Citi Foundation expects to cumulatively impact over a million young people around the world with a total investment of $300 million. In the U.S., the program has served approximately 100,000 Black and Latinx youth over the past three years, and expanded efforts will focus more intently on employment skills and entrepreneurship programs serving communities of color.
“COVID-19 has exacerbated the existing wealth and opportunity gaps facing communities of color and other communities disproportionately impacted by the pandemic, making an already uneven playing field that much worse in terms of employment and job prospects,” said Michael Corbat, CEO, Citi. “With our expansion of Pathways to Progress, we are maximizing the training resources and opportunities we can provide to hardworking people, and ensuring that everyone has equal access to jobs and the economic opportunity and security that comes with them.”
As part of this commitment, Citi is strengthening its in-house work experience programs—from summer internships and full-time analyst and associate roles, to on-campus programs and opportunities with Citi® University Partnerships in Innovation & Discovery (CUPID) Program, which engages diverse students on a range of innovation projects across the Company. These efforts will provide 10,000 young adults over the next three years with the opportunity to gain work experience and develop their careers at Citi.
Pathways to Progress also engages thousands of Citi employee volunteers, who lend their time and talent to serve as mentors, coaches and role models to many young people globally. Over the next three years, Citi expects 10,000 colleagues to volunteer to mentor and coach youth on their paths to economic success.
Examples of Pathways to Progress programming include:
Europe, Middle East and Africa
Pathways to Progress, which first launched in 2014, is a flagship program of the Citi Foundation. The Citi Foundation, together with Citi Inclusive Finance and the Citi Impact Fund, work as part of the Global Public Affairs’ Community Investing and Development team, which aims to enhance positive social impact and financial innovations that benefit underserved communities around the world. Through equity investing, lending and grant making, Citi and the Citi Foundation are working in new ways to effect positive and meaningful change in the communities around the world.
In Pathways to Progress: Insights from Six Years of Programming, the Citi Foundation summarizes the learnings and insights gathered that have helped inform the programming and evolution of this initiative.
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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The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant communities. The Citi Foundation's "More than Philanthropy" approach deploys the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation.