The US bank is expanding its philanthropy programme designed to reduce unemployment among young people worldwide.

Citigroup’s Citi Foundation is widening its Pathways to Progress initiative that aims to cut unemployment among young people around the world, investing $50 million in the US and another $50 million globally.

The US bank’s philanthropic programme works with local public leaders helping young adults find jobs. It has a target of reaching half a million people worldwide over the next three years. The programme started in 2014. The expansion of the venture includes a commitment to have 10,000 Citigroup employees volunteer to serve as mentors, coaches and role models to young people and support their career progress, the bank said in a statement yesterday. 

“The playing field isn’t level for all young people and Citi wants to help change that,” Citigroup chief executive Michael Corbat said. “Mentors, internships and exposure to a variety of career opportunities help young people get a foot in the door and provide the foundation they need to thrive in their careers - those are the things Pathways to Progress helps provide to those who might not have access to them otherwise,” he said.

Among the global initiatives, the bank is working with TechnoServe to establish a College Career Center in Mumbai, India, to provide job skills training, career counselling and placement support to more than 1,200 young people transitioning from college to work. It is expanding Youth Business International’s efforts to provide more than 5,000 young aspiring entrepreneurs across European cities such as Paris, Milan and Madrid with entrepreneurship training, access to capital, mentoring and other business development services. It is also working on vocational training workshops with the organisation Glasswing International to offer vocational training workshops and mentoring programmes in Central American cities, including Panama City and San Salvador.

As far as the US is concerned, Citigroup’s programme includes working alongside the Cities for Financial Empowerment Fund and mayors across eight cities to create summer job and financial empowerment opportunities for more than 2,400 young people in 2017.  

“With the rising youth unemployment rates globally, it’s imperative to help the youth build up their confidence and cultivate their leadership skills and competitiveness,” said Dr Tien-Mu Huang, vice chairman, Financial Supervisory Commission, Republic of China (Taiwan).