In 2020, Citi announced our Action for Racial Equity, a comprehensive approach to 1) providing greater access to banking and credit in communities of color, 2) increasing investment in Black-owned businesses, 3) expanding homeownership among Black Americans, and 4) advancing anti-racist practices in the financial services industry. As of late 2021, Citi has already invested over $1 billion in strategic initiatives to help close the racial wealth gap and increase economic mobility in the United States.
The $200 Million Citi Impact Fund was established in January 2020 to make equity investments in “double bottom line” private sector companies in the U.S. that are applying innovative solutions to help address societal change across four verticals: Workforce Development, Sustainability, Physical and Social Infrastructure, Financial Capability. Citi actively seeks opportunities to invest in startups that are led or owned by women and minority entrepreneurs and has specifically committed $50 million in venture capital funding for Black founders through our Action For Racial Equity.
Citi’s Global Community Day, our annual day of service for employees, friends and family, is an important way in which we enable progress through service. In recent years, we’ve expanded this day of service to multiple weeks to give colleagues the ability to volunteer in ways that are most impactful for them. In 2021, Citi colleagues took part in more than 61,000 volunteer engagements, committing to over 37,000 hours of service across 81 countries & territories. Through Pathways to Progress, our Citi Foundation commitment to supporting career readiness in young people, over 2,000 Citi employees play in an integral role in acting as volunteers, mentors and coaches. Citi also supports our military veterans. Learn more in this blog post and on Citi Careers.
The value of diversity to our business extends throughout the value chain, from our employees to our clients and our suppliers. Our diverse workforce reflects the diverse clients and communities we serve. Our clients are deeply engaged in issues around diversity, equity and inclusion, and we invite them to participate in activities around our shared interest.
The Citi Supplier Diversity Program was created to give maximum opportunity to diverse partners who satisfy our purchasing and contractual standards. The program works to create mutually beneficial business relationships with diverse suppliers that strengthen the communities we serve and create value for our shareholders.
We continue to partner with recruiting platforms to attract diverse students, enabling our recruiters to communicate and engage with students to promote job opportunities, as well as invest in career development and planning for diverse talent through mentorship, networking, rotational programs and partnerships with external professional organizations.