Citi pledges US$1trn towards sustainable finance by 2030
Specifically, the company will focus on the following areas:
- Renewable energy and clean tech
- Water conservation
- Sustainable transport
- Accelerating the transition to a low-carbon economy
- Socio-economic development for education, housing, healthcare, financial inclusion, diversity and equality
COVID-19: Clarifying the value of ESG
“As the pandemic has made clear, our economic and physical health, our environment and our social stability are all inextricably linked. At Citi, our response is similarly multi-pronged and interconnected,” said the company.
The company was named to the COVAX Facility to support the distribution of vaccines and has also to pandemic-related relief efforts. Despite all this, Citi remains focused on how it can remain a force for good through finance:
“While there is still much to do and the challenges are immense, our goals are both ambitious and urgent and our commitment to collective action - with governments, clients and competitors - is stronger than ever.”
Citibank pulls out of 13 retail banking markets
With shutdowns in “Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam,” according to the BBC, the company is labelling this as a consolidatory move.
Citi reported a healthy Q1 net income of $7.9bn, seemingly confirming that the move isn’t motivated by financial losses. Frazer has stated that the scale necessary for competition in these regions simply did not exist:
"As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth. We will operate our consumer banking franchise in Asia and EMEA solely from four wealth centres, Singapore, Hong Kong, UAE and London.”
However, the shift notably contrasts with the more expansionist moves of Citibank’s peers like HSBC, Goldman Sachs and JP Morgan, all of which are exploring the Chinese market.
Did you know? Jane Frazer ranked #3 on our 'Top 100 Women in Fintech' list. Read the full list here
Frictionless banking, the Salesforce way
Alan Donnelly has enjoyed a long and successful career in the IT and financial services industry. He has worked with banks, insurers, payments companies, fintechs and more in support of business transformation programmes for some of the biggest names in the business for the past 27 years.
Today, he’s head of financial services for Salesforce UK, the leading global, cloud-based CRM platform that integrates customers and companies. Donnelly is also currently leading the Salesforce operation that is digitally transforming the UK arm of the Madrid-based Santander Group.
“I have had the pleasure of working with many financia
l institutions over many years,” he says. “Typically, it was involved in helping customers build big banking systems and banking platforms that ran what we would call systems of record. But now, as I've moved into Salesforce and we're building our financial services business, we are really now helping our customers engage with their customers.”
The partnership withSantander is a multi channel operation that sees Salesforce helping the bank to engage better with corporate clients and retail customers via their branches and the internet, says Donnelly.
“We're also helping them with customers, who maybe wish to acquire mortgages and mortgages for the life events. I guess it's a multi connectivity environment. But in every case, Santander needs to understand the customer's requirements and better serve those customers in the right time and the right fashion,” Donnelly explains
He adds, “I also think the ability to contact customers whenever they need help and support, as we've seen in the recent pandemic, has proven critical - so I think technology is definitely much more connectable and effective than it was before.”