The bank will ramp up hiring and training opportunities for youth in Asia over the next three years, as part of its commitment to improving youth employability.
Citi has announced that it will hire 6,000 youth in Asia through 2023 in a bid to cushion the impact of youth unemployment in the region, which is being exacerbated by the global pandemic. The bank will also offer 60,000 job training opportunities at its retail and institutional businesses in the region to those under the age of 24 over the next three years.
Asia's youth represent 20 percent of the total working-age population, the segment accounts for almost half of the Asia Pacific's jobless, Citi noted, citing International Labor Organization data.
«Young people are key to Asia Pacific’s COVID-19 recovery and this investment will help them advance their economic opportunities and support inclusive growth in the region,» Citi's Asia Pacific CEO Peter Babej said in a statement.
Philanthropic Program Grows
The regional commitment is part of its expanded Pathways to Progress initiative, led by a Citi Foundation investment of $100 million to improve employability and economic opportunity around the world, which was announced on Friday.
«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,» Citi CEO Michael Corbat said in the announcement.
To ensure equal access to jobs and expand economic opportunity and security, the bank said it will strengthen its in-house work experience programs, from summer internships and full-time analyst and associate roles, to on-campus programs and opportunities, which engages diverse students on a range of innovation projects across the firm.
