News From the Cause
Citi to Hire 500 Military Veterans (fins.com)
August 16, 2011
Citigroup plans to hire close to 500 U.S. military veterans in the next 12 months, according to an internal memo from CEO Vikram Pandit obtained by FINS this afternoon.
Citigroup already employs at least 1,500 people who identify themselves as former soldiers and sailors, 150 of whom joined the firm this year. Most of the upcoming hires will work in operations and technology roles, according to Pandit's memo.
"It's a record we're all extremely proud of," Pandit wrote to employees. The memo can be seen in its entirety below.
The missive was sent as Pres. Obama unveiled a plan that calls for a $4,800 tax credit for companies that hire a veteran who has been out of work for more than six months. If the veteran is disabled, the credit would rise to $9,600. Firms that hire a former soldier who has been unemployed for less than six months would get a $2,400 tax credit.
"Today we're saying to our veterans, you fought for us and now we're fighting for you -- for the jobs and opportunities that you need to keep your families strong and to keep America competitive in the 21st century," Obama told a crowd at the Washington Navy Yard today.
Veterans have had a particularly tough time in today's labor market. Unemployment among veterans was 13.3% in June, a rate that will be exacerbated by the pending drawdown of about 56,000 of troops from Afghanistan and Iraq.
Citi has also carved out a new position to coordinate its military hiring efforts to be filled by Christopher Page, a U.S. Army veteran and currently a vice president in control and emerging risk.
Additionally, Citi Chairman Richard Parsons has agreed to join First Lady Michelle Obama on an advisory board focused on supporting military families. Click here to view more
