Citi announced today that it will create 6,000 jobs and 60,000 job-skills training opportunities for young people in Asia, in an effort to offset rising youth employment.
The 6,000 jobs will be in Citi's retail and institutional businesses and are open to applicants aged 24 and under. They will include positions in Singapore and Hong Kong, a spokesperson for Citi told eFinancialCareers, without giving hiring numbers for the two financial hubs. Some of the openings will be for analysts and associates.
Citi currently employs about 60,000 people in Asia. However, the 6,000 new roles don’t amount to a 10% headcount increase – the US bank instead says that of the recruits it will take on by 2023 (including to replace staff who leave), 6,000 will be aged 24 and under.
The 60,000 training places, which are also in retail and institutional banking, include traditional summer internships, on-campus programmes, and opportunities within Citi University Partnerships in Innovation and Discovery (CUPID), an initiative launched in 2017 that embeds students in innovation activities across the bank, according to a Citi statement.
Citi’s new Asian recruitment training drive is part of its Pathways to Progress scheme, which also includes $35m in philanthropic investments designed to improve the “employability of youth from low-income and underserved communities in Asia by 2023”.
Youth in Asia Pacific represent 20% of the region’s total working-age population, but the segment accounts for almost half of the jobless in APAC, Citi noted, citing International Labor Organization data. “Communities in Asia Pacific are facing a youth unemployment crisis,” Citi's Asia Pacific CEO Peter Babej said in the statement. “Young people are key to Asia Pacific’s COVID-19 recovery and this investment will help them advance their economic opportunities and support inclusive growth in the region,” he added.
Citi’s hiring is not entirely altruistic. The new staff will provide the bank with a pipeline of talent and can be taken on as the economy picks up post Covid-19, says a Citi insider.
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