citi logo
My Account
PERSPECTIVES

Hello, New York City

November 29, 2016

 

Eileen Auld, Director, New York Tri-State Market, Citi Community Development
Michael Berkowitz, Managing Director, North America and Global Liquidity Product Head, Citi Treasury & Trade Solutions
Allyson Schlesinger, Managing Director, New York City/New Jersey Market, Global Consumer Bank

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

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

Mike: New York is where it all began. In 1812, our founders wanted to start a new bank in New York to compete with Philadelphia, Boston and Baltimore in supporting international commerce. After overcoming some challenges, the state legislature provided a charter, and we opened our first office at 38 Wall Street.

Allyson: My favorite milestone is more recent. In 2010, we opened our innovative flagship branch in Union Square. The branch introduced interactive walls, enhanced image ATMs and customer service experts via video-assist – the first of its kind in the U.S. We continued on our path of enabling progress for our banking customers by opening the new Citigold Client Center at 5th Ave. and 52nd Street last year, the first Citigold Client Center in the U.S., with even more technology features, a Citigold lounge, and branch teams equipped to help customers.

Eileen: The sight of Lady Liberty always reminds me that New York has always been a city of and for immigrants. About one third of New Yorkers are foreign-born. I was therefore extremely proud that along with Mayor De Blasio and the mayors of Los Angeles and Chicago, Citi was the founding corporate partner of Cities for Citizenship. Cities for Citizenship is a national program aimed at providing support and financial education to the 8.8 million legal permanent residents who are eligible for citizenship. Research by the Urban Institute found that if all of eligible New York immigrants naturalized, the city's economy would receive a net benefit of $823 million – being inclusive can pay a handsome dividend. So far, 10,000 people have participated and 26 cities and counties have joined the program. I'm proud that Citi is part of such important efforts to make New York an inclusive where everyone can contribute to our city.

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

Eileen: I'm a New Yorker born and raised and what I have always loved about the city I call home is that it thinks BIG. One example is our partnership with the City of New York on the largest public education and outreach tax credit campaign in the City's history. Together with the City, community organizations and wonderful Citi volunteers, I was so proud that Citi was the only corporate partner in a major program designed to ensure that hard-working New Yorkers received the tax credits they'd earned. The campaign was a huge success with nearly $250 million in refunds and savings for New Yorkers and a 50 percent increase in the number of filers using the city's free and trusted tax preparation services – many of which are provided by our community partners.

Mike: In 2010, we provided over $500 million to help the New York City Housing Authority renovate and secure additional ongoing federal assistance for 21 public housing projects with more than 20,000 apartments – the largest financing ever focused on public housing. And in 2014, we took the lead in an historic $350 million funding package that provided the Community Preservation Corporation the capital it needed to rehabilitate a number of smaller affordable housing projects. That funding will result in the construction and preservation of 7,500 apartments.

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

Allyson: I learned that we established our first retail branch in the U.S. at Madison Avenue and East 42nd Street in Manhattan in 1921. We were the first major U.S. bank at the time to offer compound interest on savings accounts.

Mike: I wasn't aware that we were instrumental in helping to build the iconic George Washington Bridge (GWB). In 1927, we issued $20 million in gold bonds, the proceeds of which were applied to the construction of the GWB. Other key projects we've supported include the redevelopment of both the World Trade Center and the Central Terminal at LaGuardia Airport, demonstrating our commitment to driving progress in the city where our company is headquartered.

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

Eileen: I am excited about the support we're giving New York City's youth to help them succeed. In 2014, New York became one of the 10 cities selected for our inaugural Pathways to Progress initiative. The program provides young people with the opportunity to develop workplace skills and leadership experience. Pathways to Progress has already benefited 29,000 low-income youth in New York City, and we've pledged more than $15 million to help young people here increase their employability at a time of high joblessness. This is an investment that enables progress not just for them, but for their families, their communities, and the economy – the benefits multiply.

Allyson: FinTech (financial technology) is revolutionizing banks, and our legacy of innovation gives us an edge. We pioneered the commercialization of the ATM in the '70s. We have more than 140 retail branches here, but we also serve our clients through digital channels. I'm looking forward to seeing what Citi's progress in FinTech can do for high-tech, highly mobile New Yorkers.

Mike: I'm most excited about our new headquarters at 388 Greenwich Street. The interior spaces are more open and brighter, and feature the latest integrated technologies to foster collaboration. The renovation is also environmentally responsible (we're working toward a LEED Platinum certification for the building). By 2019, it will be the home for most of us in New York City.

Please visit the full New York City Profile for more information.

Sign up to receive the latest news from Citi.

Select Preferences