Hello, Chicago!

Jim Glerum, Chairman, Regional Banking North America
Mindy Mercaldo, Managing Director, Market President Central Southeast Division
George Wright, Director, Citi Community Development – Midwest

The City Profiles series is dedicated to highlighting Citi's history in some of our key markets around the world. We spoke to three Chicago-based leaders to get their perspectives on Citi's ongoing involvement with the city.

What is your favorite milestone from Citi's history in Chicago, and how do we continue to enable progress in the city today?

Jim: Our history of financing major railroads back in the 1860s supported Chicago's status as a global transportation hub. More than a century later, in 1997 we became an approved City of Chicago Municipal Depositary and custodian of city assets – a status I'm proud to say we've maintained for nearly a decade since.

George: Chicago is a city that isn't afraid of experimenting and developing innovative solutions to problems. That means we can test and implement bold ideas that result in real benefits for both our clients and our communities. My favorite milestone happened in 2012, when with the City of Chicago and Accion Chicago we co-developed the Chicago Microlending Institute (CMI), a first-in-the-nation initiative that tripled the number of micro-lenders in the city. The CMI ensures that more of Chicago's entrepreneurs and small business owners get the capital they need to grow their business and create jobs in the communities that need jobs and capital most. The CMI has loaned more than $2 million for Chicago's low-income and immigrant businesses, while we made more than $126 million in loans to 170,000-plus small businesses in Chicago last year. Programs like these make Chicago a more inclusive city where an increasing proportion of residents are able to contribute to the city's economy.

Mindy: I'd say the introduction in 1992 of the Citigold suite of wealth management products and services here and in Washington, D.C. Our Citigold team works hard to provide a differentiated customer experience for affluent clients in Chicago. I'm proud of our globality and our unique ability to meet the needs of a wide range of clients across borders.

What are some of the key opportunities facing clients and customers in your market?

George: Chicago is a great city, but for many it can be an expensive place to live, where affordability remains a real challenge. It's a city that appreciates creative efforts to improve the lives of everyday Chicagoans, and nowhere is that better demonstrated than in our financing of affordable housing across Chicago. I'm extremely proud of the fact that in 2009 we provided $11.3 million in financing for the Branch of Hope, a 100-unit affordable housing project with social services to prevent low-income residents from becoming homeless. These investments and many others have make a significant difference to Chicago and the communities we serve.

Jim: There are a number of multinational companies based in the Chicago area, including 25 of the Fortune 500. Our local corporate and investment banking professionals have a long history of providing comprehensive financial advisory and capital raising services to these and other companies in the region – over 1,500 in total. We're in a unique position to help these companies grow and to create jobs and business opportunities across the region.

In working on the City Profiles project, did you learn anything surprising about the history of Chicago and Citi's involvement there?

George: I was not aware of our role in the establishment of Chicago's "L" train system, which we financed in 1911. The "L" fostered the growth of our dense city core that is one of Chicago's distinguishing features.

Jim: Citi is a strong corporate citizen, and I was happy to learn that we've provided more than $36 million in contributions to worthy community organizations over the years. And some 1,300 Citi colleagues, alumni, clients, family and friends have contributed 7,000 volunteer hours. It's heartening to see how generous this company and our people are and how much they care about the communities in which they live and work.

Looking forward, what are you most excited about for Citi's future in Chicago?

Mindy: I think our reputation in fintech (financial technology) will serve the people of Chicago well. We have more than 60 retail branches here, but we also serve our clients through world-class digital channels. Just visit the smart branch in Park Ridge, and you'll see some our digital banking innovations in action. And, just like Chicago, we're constantly innovating.

George: I'm excited about this city's youth and the promise they show as our future leaders. In 2013, Citi Foundation chose Chicago as one of 10 cities to inaugurate our Pathways to Progress initiative, which provides young people the opportunity to develop workplace skills and leadership experience. I'm pleased that we're giving these bright young people what they will need to succeed in this great city.

Please visit the full Chicago City Profile for more information.