As our leadership team at Citi continues to act quickly and decisively to manage this crisis as best we can, we've been very careful not to fall into a short-term mindset, especially when it comes to our people. We know that if we do, the ramifications of this crisis will long outlast its health and economic consequences. Our summer analyst program is no exception – the program has long been a source of great talent for our firm, is a key component of our efforts to further diversify Citi and is a great source of energy and pride for our firm.
There was also another reason to keep the program running. When thinking about what more we could do to help those affected by this crisis, we saw an opportunity to relieve some of the stress and uncertainty so many young adults are feelings right now, especially those preparing to enter a job market in the midst of great economic uncertainty.
Our summer interns in our New York, London, Hong Kong, Singapore, and Tokyo programs will receive full-time offers from Citi upon graduation as long as they meet the minimum requirements of the abbreviated program. Interns outside those markets also will have the opportunity to be considered for a full-time role upon completion of the program based on the needs of their local markets. The reaction, from both our interns as well as the academic institutions working overtime to support their students right now, was a mixture of surprise and relief.
Here's our CFO Mark Mason delivering the news to incoming intern Selin Avcilar:
There are many reasons we're proud to welcome this intern class to our firm. They bring an enthusiasm and resourcefulness to their work and the teams they join. We've also gotten to know many in the class through our on-campus programs, and are excited about the variety of experiences and interest they bring to Citi. This is our most diverse intern class ever. For the first time, 50% of our global class is women. The majority of our U.S. class is female (52% in 2020, an increase from 47% in 2019). Under-represented minorities including Blacks and Latinos make up 27% of the U.S. class (an increase from 26% in 2019).
We hope other companies are inspired by our commitment to offer full-time positions upon graduation to their interns. Amidst the shifting needs of our companies and our people, we cannot lose sight of the reality that these young people find themselves in – completing their spring semester away from school while social distancing. Companies large and small can take this important step of offering job security as a way to relieve the stress and anxiety for as many young people as possible.
Below is a copy of the letter Citi sent to its 2020 Summer Intern Class regarding this year's program: Welcoming our new class of summer interns is something we look forward to every year, and despite the uncertain times we find ourselves in now, this year is no exception. We are so excited to have all of join us and value the contributions you will bring to the firm.
We know that it is an especially trying time for you right now, as you work to finish the semester away from school, removed from your friends and on-campus experiences, and think about the economy and job market you'll find yourself in after graduation. With that in mind, we have made some adjustments to the internship program to remove as much uncertainty as possible for you:
Above all, your safety and well-being remain our highest priority. Updates on steps that Citi is taking to address the COVID-19 pandemic are outlined at Citigroup.com.
We realize your college experience is going to be quite different than what you planned or imagined. While there are many uncertainties ahead for all of us, we hope that these changes give you a measure of reassurance about your role at Citi and our commitment to you. We are excited to have you join us and will share more details about the program in the coming weeks. In the interim, please do not hesitate to be in touch with any questions.
Stay healthy and safe,
Head, Global Campus Talent Acquisition