- Citigroup Inc. wages war on unemployment caused by the global pandemic
- The banking giant will hire 6,000 young people in Asia
- The hiring will be done over a period of 3 years
The Us based banking giant Citigroup Inc. is embarking on hiring 6,000 young professionals in Asia over the next 3 years in an effort to help cushion the continent from a major problem of youth unemployment caused by the global COVID-19 pandemic.
The Multinational Corporation (MCN) is also offering 60,000 job training opportunities for youth who are below the age of 24 years over then coming 3 years across its retail as well as institutional business in Asia region, the company which is headquartered in New York said on Friday.
Citi Inc. and its Citi Foundation have pledged to invest $ 35 million in philanthrophic contributions and grand in a bid to improve the employability of the youth from low-income and underserved communites in the Asia continent by the year 2023.
According to the International Labor Organization, the “Asia Pacific is home to more than half of the world’s youth population, estimated at 700 million people. They now account for almost half of the region’s unemployed, even though they make up just 20% of the working-age population,”.
The bank said that going by the initial projections through the end of 2020 in 13 countries showed that a sizable jump in the youth unemployment rate will be a huge problem. The bank added that in some cases the youth unemployment rates could double from 2019.
Peter Babej, Chief Executive Officer of Citi, Asia Pacific, said, “Communities in the Asia Pacific are facing a youth unemployment crisis, especially among low-income and underserved groups, due to the impact of Covid-19,”.
The Asia Pacific region is Ciri’s biggest region in terms of revenues outside of North America and contributes to around 25% of the bank’s global revenues based on 2020 earning reports year to date.
A Hong Kong based spokesperson for the banking firms said, “The jobs will be offered across different businesses in the region including banking, capital markets and advisory, markets and securities services and consumer banking,”.
The program will cover different compositions of new positions and annual hiring needs, the spokesperson added. He also said that the hiring will take place across the Asia Pacific region, however, many of the jobs are expected to hail from the South East Asia region.