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PERSPECTIVES

Hello, Los Angeles!

December 02, 2015
Halé Behzadi, Managing Director, Global Market Manager, Western Region, Citi Private Bank
James Alva, Southern California Market Manager, Citi Community Development
Lisa Deloney, Citi Retail Bank

 

Citi's partnership with Los Angeles spans more than 100 years, starting in 1900 with our support of California's railway expansion. In the 1920s we opened our first branch in Los Angeles to help serve the city's rapidly growing population and expanding economy. As we launch City Profiles, dedicated to highlighting Citi's history in some of our key U.S. markets, we speak with three Los Angeles-based Citi leaders to get their perspectives on our longstanding presence in their home city.

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

Halé: Citi has a long history of enhancing the infrastructure of L.A., from financing the expansion of the state railroad network dating back to the early 1900s, to facilitating the development of the Port of Los Angeles (the busiest in the US!) and construction and expansion of the airport (LAX). These examples demonstrate our commitment to the city's explosive growth over the course of many years, and our ability to leverage our connected capabilities to enable the continued success and growth of California's largest city.

Lisa: Within the community, we're committed to not just making a difference, but to making a difference through changing behaviors. Recently, through our colleagues at Citi Inclusive Finance, we've been working to provide a college financial preparedness program in partnership with the Youth Policy Institute. Not only does this program help needy students save for college, it also helps families get tax refunds, which then go into the savings program. Early data shows that participants' savings rate is significantly higher than that of median income level families, so while we're helping people save money – we're also helping change a behavior, which is really our ultimate goal.

James: Citi is quickly approaching the 100-year anniversary of our presence in L.A. and over that time, we've built countless strong and lasting relationships – not least with the City of Los Angeles. LA has always been a place to experiment with new ideas and develop bold solutions. So in 2014, Citi Community Development proudly supported the City of Los Angeles and the Youth Policy Institute in their successful application to become one of only five Promise Zones, a new Federal-led initiative that leverages government resources to create jobs, increase economic activity, improve educational opportunities and reduce violent crime. LA was successful in its bid and Citi Community Development is working with the city's leading stakeholders to ensure LA's Promise Zone generates real opportunities for some of the city's poorest residents.

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

James: LA is a city of immigrants and due to its geographical location and long history of welcoming people from all of the world, LA will always be a gateway to America. For instance, 44% of small businesses in the city are owned by immigrants so the city relies on the enterprise and ingenuity of its diverse population to create jobs and revitalize commercial corridors. That's why we are proud that we joined LA's mayor, Eric Garcetti, alongside the mayors of Chicago and New York City to create Cities for Citizenship, a national initiative that promotes naturalization for the 8.8 million immigrants in the U.S. who are eligible to become U.S. citizens. In LA, if all those who are eligible became citizens, the city would experience a $2.8 billion boost to its economy. Citi Community Development is partnering with the city administration and some of LA's leading community groups to ensure that eligible immigrants get the advice and support they need to naturalize, fulfil their potential and contribute to the city's economy.

Halé: In 2015 we announced that Citi is the lead and largest investor in the launch of the Turner $1 billion Multifamily Impact Fund, run by Los Angeles-based Turner Impact Capital, which will acquire and manage affordable workforce housing and develop charter schools in underserved urban areas across the country.

Lisa: In 2014, the Citi Foundation selected Los Angeles as one of 10 cities in which to inaugurate its Pathways to Progress initiative, providing young people the opportunity to develop workplace skills and leadership experience. With Pathways to Progress in its second year, I'm excited to see how we can expand the program. Last year we helped over 740 low-income youths in Los Angeles increase their employability at a time of high joblessness.

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

Halé: I didn't realize that Citi has been so instrumental in supporting infrastructure development in L.A. over so many decades, from transportation to housing to schools.

James: Through high-impact investments from Citi Community Capital, Citi Community Development and Citi Inclusive Finance and innovative grants from the Citi Foundation, LA has always been a place where we have been able to drawn on all our resources to ensure Angelinos can access opportunities and thrive. I was excited to learn from the profiles that through signature projects like underwriting a major the expansion of the Port of Los Angeles to support the shipping needs of the busiest port in the United States or helping to finance the expansion of LAX airport, Citi has helped one of the greatest and most dynamic cities in our nation maintain its leadership status as a major economic hub in the global economy.

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

James: Citi has built strong and broad relationships in LA that mean we're ready and well positioned to address tomorrow's big challenges for and in partnership with our clients and the communities we serve.

Halé: Citi has an almost 100 year commitment to serving the people of Los Angeles and I'm excited to see how we can continue to provide our clients with world-class service.

Lisa: With Pathways to Progress in its second year, I'm excited to see how we can expand the program and reach even more people.

Please visit the full Los Angeles City Profile for more information.

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