Some financial institutions are well known household names primarily due to smart advertising and marketing that successfully garners high brand recognition. But that’s not all, the top players in the industry have another common thread—community involvement.
Citigroup®
The Citi Umbrella encompassing Citi Cards, CitiFinancial, CitiMortgage, CitiInsurance, Primerica, Diners Club, Citi Private Bank, and CitiCaptial, serves approximately 200 million customers in more than 100 countries. Their services include banking, credit card, investments, and loans offered in a variety of convenient customer friendly ways. Citi consistently offers innovative products to keep up with changing times. One of their latest additions is Citi Mobile, an efficient method of doing your banking right from your cell phone.
Besides being well known for all its wonderful financial offerings, Citi also stands out in the community involvement arena. For example the corporation was recently honored with a Distinguished Corporate Stewardship Award by the Boise Metro Chamber of Commerce. Citi received this mark of distinction because not only does the company invest a large number of volunteer hours but it also supports the community with funding to help solve community concerns. The institution’s strategy involves working with communities to have a positive long term effect on the health and economy of the areas in which it serves. Citi has been involved in these community efforts for quite a long time and also encourages its employees to participate by offering them various incentives.
Other community efforts include its recent partnership with two other financial institutions and leading energy providers in order to get a better handle on carbon risks and as well as the needs of consumers for dependable and reasonably priced power. Additionally, Citi has just announced that it has awarded a $100,000 grant to the Long Island Housing Partnership in effort educate potential and existing homeowners needing mortgage counseling.
JPMorgan Chase®
JPMorgan Chase is a principal global financial services operation of assets of approximately $1.6 trillion, serving millions of customers in more than 50 countries. JPMC is a leader in financial services for consumers and small business, as well as investment banking, asset management, and private equity. Its brands include JP Morgan Chase, JPMorgan, and CHASE.
Key to JPMC and all its brands is the philosophy of being a leader in community partnerships which includes community development, giving, environmental affairs, diversity, and corporate challenge. Its Community Development Group strengthens communities by increasing access to capital, leading by example, and making the best use of the vast array of resources that JPMC holds. More importantly, this group serves low and moderate income communities and families as well as small business especially minority owned businesses, earning it continuous outstanding Community Reinvestment Act (CRA) ratings. The institution offers credit, banking, mortgages, and counseling to community groups as well as nonprofit institutions. In addition charitable contributions are also part of the organization’s focus.
One of JPMorgan Chase’s important goals is a 10 year commitment made to investing $800 billion in low and moderate income communities, the largest pledge made by any institution of its type. Looking forward, the institution plans to continue its progress toward this goal in the years to come as well as continuing its commitment to helping with environmental issues. Its mission also includes increasing its efforts in diversity management and engaging in business with disadvantaged groups.
Wachovia®
Wachovia is the fourth largest bank holding company in the United States based on assets and the third largest full-service brokerage company if you look at client assets. The institution serves 13 million households and businesses with its wide array of banking services and innovative products by individual customer, as well as corporate and investment banking and wealth management. Credit cards, auto and mortgage financing are also part of the mix.
Besides a strong involvement in the communities in which it serves, the Wachovia organization fosters a solid commitment to diversity—the company values individual differences and places great emphasis on making the best use of everyone’s talents. The Corporate Diversity Council meets regularly to make sure they stay on track with the company’s plan to support customer relationships, employee involvement, and supplier diversity efforts.
The organization also has a strong initiative in ensuring that internal as well as funds provided to clients are put to the best use environmentally. Their efforts involve commitments in the arenas of forest protection and climate change, as well as sustainable real estate and recycling. Additionally Wachovia engages with several external groups and associations in order to keep current on new environmental developments.
In addition, the Wachovia Foundation provides grants to eligible tax-exempt organization in support of education, community development, health and human services, and arts and culture.
Wachovia continues its innovative efforts by recently introducing Way2Save, an easy method of saving by having $1 transferred from the customer’s checking account each time they make a check card purchase. This coincides with the organization’s important endeavor of assisting consumers in having more secure financial lives. Also, Wachovia conducts educational seminars in conjunction with the Consumer Federation of America to provide savings methods as well as incentives to save. Seminars are planned throughout the country known as the Wachovia-at-Work program. Wachovia intends to work with many nonprofit and community partners in its effort to reach as many consumers as possible.
Merrill Lynch®
Merrill Lynch is a leading global wealth management, capital management, and advisory company serving 40 countries with client assets totaling approximately $2 trillion. It serves strategically many corporations, governments, institutions, and individual consumers as an investment bank.
ML’s primary strategic emphasis is on providing excellent service while maintaining a high level of integrity throughout the organization. An independent board keeps the goals in line by monitoring processes and recommending improvements as needed. In addition, ML holds a solid commitment to corporate social responsibility by helping to ensure that the communities in which they live and work are filled with opportunities.
In this endeavor, the corporation commits numerous hours to volunteering in its communities. For example it has supported “New York Cares Day” for many years by sending employees to volunteer at New York underserved schools to provide education on philanthropy and also to participate in upgrading the appearance of the schools by assisting with improvements such as painting and redecorating. ML supports the philosophy that every child deserves a quality education; therefore ML has a strong belief in child mentoring as well.
Another key to the success of ML is its ability to offer research expertise to its clients. The company’s talented staff offers objective insightful analysis to help clients make informed decisions. Also noteworthy is that last year ML was honored as Euromoney’s Global Investment Bank of the Year.
Going forward ML plans to continue to live out the strong values the corporation is based on, encourage teamwork, and always operate in the mode that clients come first. This will enable them to persevere with their main goal of being the best that they can be.
Bank of America®
Bank of America is another popular household name is one of the world’s largest financial institutions. It offers small, mid size, and large businesses as well as individual consumers a wide array of banking, investing, and asset management products and services. Also, quite noteworthy is the fact that BofA is the number 1 overall Small Business Administration (SBA) lender in the U.S. as well as the number 1 SBA lender to minority-owned businesses.
Bank of America focuses on several core philosophies. First, the institution is committed to forming opportunities for customers, shareholders, and communities by sponsoring various sports teams and community and cultural events. In addition, the company encourages the idea of individuals working together as a team to help build solid communities. In this effort BofA supports a variety of programs in conjunction with community leaders as well as matching gifts and incentives to employee donating volunteer hours. Through its Team Bank of America program, employees and retirees join together in reaching out to communities with such initiatives as the diversity network, environmental network, recreation network, and the volunteer network.
Part of the BofA’s initiatives include dedicating itself to promoting sound environmental practices both internally as well as within the communities in which it serves. BofA is committed to transforming communities by offering special business loans and mortgages in effort to help consumers realize their financial goals. BofA also invests in other financial institutions that offer financing to under-served communities. Block by Block is a long-term program in which the organization creates new ways to improve the neighborhoods that it serves.
Additionally, the institution offers financial literacy educational programs to students as well as low to moderate income individuals and families. BofA has set its most ambitious goal yet—Community Development lending of $750 billion over ten years, focusing on affordable housing, small business/small farm ownership, consumer loans and economic development. The institution also provides grant funding to qualified Credit Counseling Agencies. Project Lifeline is targeted at extremely delinquent homeowners to persuade them to contact their mortgage providers and look into loan modification options.
On the other end of the spectrum BofA offers an extensive and effective wealth management program including investment management, estate planning, taxation analysis, and strategic credit use. Also with regard to philanthropy U.S. Trust BofA Private Wealth Management, offers a breadth of knowledge that can help others make a real difference in their communities.
All in all these institutions have made a name for themselves by smart business practices as well as by sticking with their initiatives of serving their communities in innovative and efficient ways. Their approaches have also apparently contributed to their great success in the financial world.
