Awards for Excellence 2020
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When a big US bank joins its peers around the world under an umbrella of responsible banking, it lifts the entire responsibility agenda – and this is exactly what Citi has done as an early signatory to the Principles of Responsible Banking (PRB) of the United Nations Environment Programme Finance Initiative.
It is just one of the reasons why the bank wins this year’s award for North America’s best bank for corporate responsibility.
The PRB framework holds all members accountable, while bringing them together to share insights – critical to the goal of achieving a global green and equitable economy.
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Brandee McHale, |
There are many reasons why Citi is a natural fit for the PRB. One is its commitment to transparency. While many banks are window-dressing their gender and minority-employee pay gaps, Citi has been up front about the work it has yet to do, thereby helping the industry become more honest.
The commitment to moving the needle in the right direction is evidenced in Citi’s numerous initiatives, policies, affinity networks and career development programmes.
This focus on ethical behaviour extends into newer areas such as the use of data. In 2019, Citi became one of the first private-sector companies to develop its own set of ethical principles for artificial intelligence and machine learning, which are in the final stages of review.
It is in communities that Citi best illustrates its dedication. From infrastructure to affordable housing, from jobs to financial inclusion, Citi is helping to build more inclusive, resilient and sustainable communities.
Its three-year Pathways to Progress programme, which ended last year, was focused on developing skills for young people to ensure their transition into the workforce.
“While unemployment was at historically low levels, our young people were not prepared for how the workforce was changing,” says Brandee McHale, head of Citi community investing and development. “Now we are in high unemployment and lots of people are being left behind, so we are going to double down and continue this effort.”
In early 2020, Citi launched the $150 million Impact Fund, the largest impact investing fund created by a bank using its own capital, to make equity investments in ‘double bottom line’ private-sector companies that are making a positive impact on society.
Through this fund, Citi will be investing in US-based companies that are applying innovative solutions to help address four societal challenges: workforce development, financial capability, physical and social infrastructure, and sustainability.
