This is the 10th annual programme in which the US banking group has steered a chunk of trading revenues to support education initiatives around the world.
Citigroup is launching its 10th annual “e for education” campaign. The bank’s traders devote a portion of their revenues to support education-focused non-profit organisations that tackle childhood illiteracy and access to education.
Citi Markets will donate a percentage of electronically traded business proceeds between 5 September and 31 October, the US banking group said in a statement yesterday.
The move has echoes of other moves by investment and trading firms to steer a portion of their trades to philanthropic causes. For example, UK-based inter-dealer brokerage firm ICAP devotes a day’s revenues to charity.
“We are proud to watch e for education grow over the years to support 13 non-profit organisations, whose operations complement Citi's global footprint and support our commitment to improving education in the communities where we operate,” Stuart Staley, global head of CitiFX, said.
In 2021, Citi’s e for education campaign donated a record $9.6 million. The campaign has donated more than $56 million and its non-profit partners have supported over one million youth since its inception in 2013.
Citi’s clients and employees also support the selected non-profits through a series of educational activities including CV clinics, mock interviews, trading simulations and economics lessons.
Citi’s 2022 e for education partners include:
-- Asian University for Women – An independent, regional institution dedicated to empowering women from the most marginalised communities across Asia through women's education and leadership development;
-- Civic Builders – Develops public school buildings in historically under-resourced communities;
-- Ditch the Label – A youth charity, which runs a digital support platform that provides advice and support for young people who are experiencing a wide range of problems, including bullying and mental health;
-- EMpower – Supports marginalised youth in education in emerging market countries; and
-- Fallen Patriots – Educates children who have lost a parent in the US Military.