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FOR IMMEDIATE RELEASE
Citigroup and the National Urban League Announce National Partnership To Improve Financial Education in Communities they Serve
Citigroup Foundation Awards $900,000 Grant
Programs to Launch in New York City, Rochester, Chicago, Los Angeles, Sacramento and San Diego
New York, NY, July 16, 2004—Bob Willumstad, Citigroup President and COO; Marc Morial, National Urban League President and CEO; and Darwin Davis, New York Urban League President and CEO; joined with elected officials and community leaders at the Schomburg Center for Research in Black Culture in Harlem to announce the launch of a financial education program in six cities across the U.S. Bob Willumstad presented Marc Morial with a grant check in the amount of $900,000 from the Citigroup Foundation to help fund the program.
In addition, Bob Willumstad, Marc Morial and Darwin Davis met with several members of the New York Urban League Young Professionals who will be receiving specialized financial education training that will enable them to teach others about personal financial education.
Bob Willumstad, Citigroup President and Chief Operating Officer, said: "At Citigroup, we believe that strong financial education programs raise the quality of life for individuals, families and institutions and strengthen communities around the world. Because financial education is a natural extension of the work we do every day, we are excited to extend our relationship with the National Urban League by partnering to improve financial education in communities we both serve."
Marc Morial, National Urban League President and CEO, said: "This partnership with Citigroup is designed to inspire and educate African-Americans to become more knowledgeable about saving, investing, borrowing and wise spending. This is one of the first steps toward accomplishing the National Urban League's mission to enable African Americans to secure economic empowerment."
According to the National Urban League's 2004 State of Black America Report, less than 50% of black families own their own homes. Another recent study revealed that 47% of African Americans have no investments and only 33% have savings accounts (Simmons NCS 2003). A conclusion from the report is the critical need within the African American community for financial education programs that teach banking, saving, investing, and credit.
To help meet this need, National Urban League affiliates in New York City, Rochester, Chicago, Los Angeles, Sacramento and San Diego, will take part in the financial education program, designed to help people attain homeownership, broaden employment opportunities and teach the skills needed to make informed financial decisions. Each Urban League affiliate will use Citigroup's financial education curriculum to train its constituents on basic banking, money management, saving and investing, spending and credit. Local Citigroup businesses will support the programs with volunteer teachers and events.
Darwin Davis, New York Urban League President and CEO, said: "Exposure to the insights and skills offered through Citigroup's Financial Literacy Project will help young people develop good habits early in their lives. Recognizing, acquiring and managing one's assets is an essential skill needed to meet life goals whether its saving for a favorite toy, starting a college fund, buying a first home or planning for the care and well being of loved ones. Thanks to Citigroup and the Citigroup Foundation, the New York Urban League will be able to bring these skills to a broader array of the 50,000 New Yorkers we serve annually."
Kyesha Bennett, a NUL member who has undergone financial education training said, "I made financial mistakes that I don't want others to make. I know there is a need for financial education in my community and I want to be a part of that movement. The Citigroup Financial Education curriculum gave me the skills to teach the concepts of basic banking and beyond. The financial knowledge I gained has made the everyday financial decisions in my life easier and I have been able to teach my sister who is just entering the workforce about the importance of budgeting and saving and the fundamentals of investing and credit. I am really excited to help others in the community by sharing what I have learned."
Recently, Citigroup and the Citigroup Foundation announced a 10-year, $200 million global financial education commitment, the formation of a new Office of Financial Education and a global initiative designed to encourage its 275,000 employees around the world to devote time to support financial education and other charitable causes. Under the new initiative, employees may take a day off from work to volunteer for non-profit organizations in their communities.
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Media Contacts:
Liz Fogarty, Citigroup, 212/559-0486
Helen Steblecki, Citigroup, 718/248-4694
Michele Moore, National Urban League, 212/558-5328
Jodi Brockington, New York Urban League, 212/926-8000
Citigroup's partnership with the National Urban League is part of the Citigroup Financial Education Program, a global, company-wide effort to identify, support and implement initiatives that help give individuals, families and communities the tools needed to make sound financial decisions. Citigroup's recently announced 10-year, $200 million global financial education commitment is focused in three areas: Personal Financial Education, Small Business Financial Education, and Institutional Financial Education. Additional information about Citigroup's Financial Education Program, including Foundation guidelines, links and resources, including the Citigroup Financial Education Program Curriculum and Facilitator's Guide may be found at: financialeducation.citigroup.com.
The Urban League is the nation's oldest and largest community-based movement empowering African Americans to enter the economic and social mainstream. The National Urban League, headquartered in New York City, spearheads the nonprofit, nonpartisan movement, while Urban League affiliates operate in more than 100 cities in 35 states and the District of Columbia.
Citigroup (NYSE: C), the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. The Citigroup Foundation focuses its grants primarily in three areas: financial education, educating the next generation, and building communities and entrepreneurs. Additional information may be found at www.citigroup.com.
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