Citizens Commits $10 Million to Workforce Development

Rhea-AI Summary

Citizens has announced a $10 million commitment over the next two years to support workforce development programs. This initiative aims to strengthen talent pipelines and drive economic growth across Citizens' footprint. The funding will support nonprofits working to enhance access to educational and career opportunities, addressing the changing demands of the modern economy.

Key partnerships include a $1.6 million expansion of Citizens' Community College Accelerator program with Education Design Lab across multiple cities, and a $600,000 grant to launch the Brooklyn Youth Offshore Wind Training Program. The bank's recent teen workforce development survey, conducted with Junior Achievement, highlights the need for expanded upskilling programs.

Positive

• Commitment of $10 million over two years for workforce development programs
• $1.6 million funding to expand Community College Accelerator program to 10 colleges
• $600,000 grant to launch Brooklyn Youth Offshore Wind Training Program
• Partnerships with national organizations like LISC, Year Up, and Junior Achievement

Negative

• None.

Insights

Financial Analyst

Citizens' $10 million commitment to workforce development is a strategic move with potential long-term benefits. While the immediate financial impact may be minimal for a bank of Citizens' size, this investment could yield significant returns in terms of community goodwill and future talent acquisition. The focus on addressing local workforce challenges aligns with the bank's role as a superregional institution and could enhance its competitive position in key markets.

The partnership with organizations like LISC and Education Design Lab demonstrates a targeted approach to upskilling, which could indirectly benefit Citizens by creating a more qualified talent pool. The $1.6 million Community College Accelerator program and the $600,000 grant for the Brooklyn Youth Offshore Wind Training Program are concrete examples of Citizens' commitment to specific industries and regions. This localized strategy could strengthen the bank's relationships with businesses in these sectors, potentially leading to increased commercial banking opportunities.

Market Research Analyst

The workforce development initiative by Citizens Bank is a timely response to the evolving labor market dynamics. The JA Teen Workforce Survey results highlight a critical gap between youth optimism and skill readiness, which Citizens is strategically addressing. This proactive approach could position the bank favorably in the eyes of both consumers and businesses, potentially leading to increased market share and customer loyalty.

By focusing on emerging sectors like offshore wind, Citizens is aligning itself with future growth industries. This forward-thinking strategy could enhance the bank's reputation as an innovative financial institution. The community-informed approach and partnerships with local organizations demonstrate a deep understanding of regional economic needs, which could translate into stronger community ties and a more robust local presence. In the long term, this initiative could contribute to economic growth in Citizens' key markets, indirectly benefiting the bank's core business.

Corporate Social Responsibility Expert

Citizens' $10 million commitment to workforce development is a significant step in corporate social responsibility (CSR). This initiative aligns perfectly with the bank's Sustainability & Impact strategy, demonstrating a genuine commitment to long-term community development. The focus on upskilling and reskilling services addresses a critical societal need, particularly in the face of rapid technological changes.

The bank's approach of partnering with both national and local organizations shows a balanced and comprehensive strategy. By addressing specific regional needs, such as the offshore wind industry in Brooklyn, Citizens is tailoring its CSR efforts for maximum impact. This localized approach could significantly enhance the bank's reputation and strengthen its social license to operate in these communities. Moreover, the transparency in reporting specific funding amounts and survey results indicates a commitment to accountability in their CSR initiatives, which is likely to be viewed positively by stakeholders and potentially attract socially conscious investors.

09/18/2024 - 08:30 AM

Initiative Aims to Strengthen Talent Pipelines and Drive Economic Growth Across Citizens Footprint

PROVIDENCE, R.I.--(BUSINESS WIRE)-- Citizens announced today a commitment to provide $10 million over the next two years to support workforce development programs. Funding will support nonprofits working to enhance and expand access to educational and career opportunities, address the rapidly changing demands of the modern economy, and support long-term economic growth.

“Workforce development is a major focus for the bank and one that is top of mind for our clients and critical to the success of the communities we serve,” said Bruce Van Saun, Chairman & CEO of Citizens. “This investment is not just about supporting programs, it’s about supporting people – people who are ready to learn, to grow, and contribute to the economic vitality of our communities.”

Building the workforce of the future is a key focus of the bank’s Sustainability & Impact strategy. As a superregional bank, Citizens is uniquely positioned to convene industry and community leaders to understand and address local workforce challenges and ensure that the communities it serves are ready for the best possible tomorrow.

Driven by its community-informed approach, Citizens is committed to building innovative and impactful partnerships with national organizations like LISC, Year Up, Junior Achievement, Education Design Lab, Girls Who Code, and Council for Economic Education as well as hundreds of local community organizations across its footprint to provide accessible upskilling and reskilling services that create pathways to in-demand careers.

Recent partnerships include $1.6M in funding to expand Citizens’ Community College Accelerator program with Education Design Lab to 10 community colleges in Boston, New York City, New Jersey, Philadelphia, Pittsburgh, and Rhode Island and a $600,000 grant to LISC New York and Central Brooklyn EDC to launch the Brooklyn Youth Offshore Wind Training Program to prepare local youth for future jobs in the emerging offshore wind industry.

The bank recently announced the results of a teen workforce development survey, published in partnership with Junior Achievement, that demonstrates the need for expanded upskilling programs. According to the JA Teen Workforce Survey conducted by Wakefield Research, teens ages 13-18 are optimistic about their futures and how the advancement in technology will impact them but are looking for support to acquire the needed skills.

To learn more Citizens’ Sustainability and Impact efforts, click here.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $219.9 billion in assets as of June 30, 2024. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240918592571/en/

Katie Hamilton, 832-515-6790

Source: Citizens Financial Group, Inc.

FAQ

How much has Citizens (CFG) committed to workforce development programs?

Citizens has committed $10 million over the next two years to support workforce development programs.

What is the purpose of Citizens' (CFG) $10 million workforce development initiative?

The initiative aims to strengthen talent pipelines, enhance access to educational and career opportunities, address changing demands of the modern economy, and support long-term economic growth across Citizens' footprint.

What specific programs has Citizens (CFG) funded as part of its workforce development initiative?

Citizens has funded a $1.6 million expansion of its Community College Accelerator program with Education Design Lab across 10 community colleges in various cities, and a $600,000 grant to launch the Brooklyn Youth Offshore Wind Training Program.

Which organizations is Citizens (CFG) partnering with for its workforce development programs?

Citizens is partnering with national organizations like LISC, Year Up, Junior Achievement, Education Design Lab, Girls Who Code, and Council for Economic Education, as well as hundreds of local community organizations across its footprint.