mlblyden1
Vision
To empower people to live debt free.Mission Statement
To salvage, consolidate, train and facilitate tools that equip individuals and entities to stay above debt.Objectives
To empower and train individuals, through counseling and practical application to manage debt. (Restore credit for customers. Help clients establish business credit.. Assist in obtaining grants both for businesses and individuals. Help distressed businesses and indebted individuals find suitable financing opportunities to help in salvaging their financial position.Conduct business and seminars on credit restoration, building credit and managing credit..…. Train and educate on credit, budgeting and investing.)BANK OF AMERICA
Vision:
At Bank of America, we have a clear purpose to help make
financial lives better through the power of every connection. We fulfill this purpose
through our commitment to responsible growth, which includes a focus on
environmental, social and governance (ESG) leadership. Integrated across our
eight lines of business — our ESG focus reflects our values, ensures we are
holding ourselves accountable, presents tremendous business opportunity, and
allows us to create shared success with our clients and communities.
Every day, we provide unmatched convenience in the United
States, serving approximately 66 million consumer and small business clients.
Bank of America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the world. The
company serves clients through operations across the United States, its
territories and more than 35 countries.
At Bank of America, we ask this question every day of all
those we serve. It is at the core of how we live our values, deliver our
purpose and achieve responsible growth. By asking this question, we continue to
learn what matters most to our clients, our employees and our shareholders. It
helps us start a conversation centered on our commitment to use our
capabilities to help those we serve be successful. Because we recognize that we
can only be successful when the individuals, companies, communities and
employees we serve are able to reach their vision of success.
Our commitment to responsible growth is resolute.
Responsible growth has four pillars: We have to grow — no
excuses. We have to grow by delivering more for our customers and clients. We
have to grow by managing risk well. And, our growth must be sustainable.
Sustainable means we have to share our success with our communities, we have to
be a great place to work for our teammates, and we have to drive operational
excellence. This creates the ability to reinvest the savings back into our
team, our capabilities, our client experience, and our communities and
shareholders.
We must grow and win in the market — no excuses
The first tenet of responsible growth is that we have to
grow, no excuses. Each of our businesses continue to grow. Over the last four
years, deposits have grown 4 percent and loans across all our business segments
have grown 6 percent on average. Our growth in client deposits funds our loan
growth across all of our businesses and enables us to continue to grow net
interest income, even if further interest rate rises fail to materialize.
Our eight lines of business grew as a result of deepening
client relationships and developing new relationships.
We must grow with our customer-focused strategy
We serve three groups of customers — people, companies,
and institutional investors. In the U.S. we serve all three customer groups,
and outside the U.S. we serve larger companies and institutional investors.
This business model simplifies our operations and reduces our risk profile.
People: We believe we have the best consumer, small
business and wealth-management franchise in the country. We serve more than one
in three U.S. households and more than 9 million business-owner clients. We see
continued growth in our digital and mobile channels, with 37 million digital
banking users; nearly 27 million are active mobile banking customers.
Companies: Our Global Banking business works with
virtually every company in the S&P 500. Global Banking delivers solid and
recurring profitability. Recognizing the businesses we serve are the engines of
the economy, we bring the broadest array of solutions, both domestic and international,
to our clients to help companies grow, improve cash flow and invest for the
future.
Institutions: Turning to the institutional investors we
serve, our Global Markets business is one of the most capable platforms in the
world. This business provides capital to companies necessary for growth and
serves many of the world’s largest institutional investors who manage savings
and investments through pension and retirement funds. Our presence and global
reach in fixed income and equity products allow us to provide them access to
investment opportunities.
As we look across our businesses and the clients they
serve, we have a leading set of capabilities in every area where we operate.
That is the power of this company; that is the strength of the model and the
balance we are striking to ensure we are doing all we can for our customers and
clients, while optimizing our balance sheet to perform efficiently with the
post-crisis regulations.
We must grow within our Risk Framework
As a financial services company, risk is inherent in all
of our business activities. Managing risk well is fundamental to our business,
and we strive to be the very best at managing all types of risk, and to do so
in a responsible manner that serves our clients, shareholders, and communities,
and helps the economy grow.
Whether investing in a small business, making a credit
decision, or preventing fraud, our work calls for sound judgment and a
commitment to doing what’s right for our customers, shareholders, and
communities. Our culture emphasizes that we are one team, and we have a shared
responsibility to manage risk well, act responsibly, and escalate issues so
they can be addressed proactively.
Our Risk Framework, together with our purpose, is the
foundation of our culture and describes our approach to managing risk well so
we can run our business and grow responsibly. The Risk Framework sets forth
clear ownership and accountability for managing risk across the company to
ensure that we maintain strong risk-management discipline.
We have invested to maintain the most capable
risk-management practices, and we are committed to best-in-class
risk-management capabilities.
We must grow in a sustainable manner
We must ensure responsible growth is sustainable. This
requires progress across three dimensions: sharing our success with our
communities; striving to be a great place to work for our employees; and
driving operational excellence.
Sharing success with the communities we serve
There are many ways we share our success. Whether through
our employee volunteers, our philanthropic giving or our capital deployment
efforts, we continue to align our work to serve shareholder interests and
address the priorities of our communities at the same time so our progress can
be sustainable.
Being a great place to work
To be sustainable, we must remain a great place to work
for our employees. We do this by providing employee development and
opportunities for growth, by providing comprehensive health and wellness
benefits, making regular adjustments to starting-level compensation at our
company, and much more. For more details, review the letter from Chief Human
Resources Officer Sheri Bronstein in our 2018 Annual Report.
Driving operational excellence
Our focus on operational excellence – continuous
improvement in our internal and external processes to make it easier for our
employees to work with each other and to serve clients and customers – is
another way we ensure responsible growth is sustainable. By focusing on
operational excellence, we can continue to invest in our capabilities and in
our team, even as we maintain expense discipline.
To make financial lives better, we must:
Deliver together
We believe in the importance of treating each client and
teammate as an individual and treating every moment as one that matters. We
strive to go the distance to deliver, with discipline and passion. We believe
everything we do for clients, employees and the communities we serve is built
on a solid foundation that delivers for shareholders.
Act responsibly
We believe that integrity and the disciplined management
of risk form the foundation of our business. We are aware that our decisions
and actions affect people’s lives every day. We strive for decisions that are
clear, fair, and grounded in the principles of shared success, responsible
citizenship, and community building.
Realize the power of our people
We want our employees to reach their full potential. We
believe that diverse backgrounds and experiences make us stronger. We respect
every individual and value our differences - in thought, style, culture,
ethnicity and experience.
Trust the team
We believe that the best outcomes are achieved when
people work together across the entire company. We believe great teams are
built on mutual trust, shared ownership and accountability. We act as one
company and believe when we work together, we best meet the full needs of our
clients.
Delivering responsible growth through eight lines of
businesses
Through our eight lines of businesses, we focus on
helping individuals navigate every stage of their financial lives, working with
companies—large and small—to drive the economy forward, and providing insights,
ideas and award-winning research1 for institutional investors.
For people
Children playing with water hose
Retail
Retail serves U.S. consumers with a full range of
financial products and services through award-winning digital banking
capabilities and a retail banking network. Learn more at bankofamerica.com.
Preferred and Small Business
Preferred and Small Business provide access to Bank of
America banking and Merrill investment solutions to U.S. banking and investment
clients, as well as cash management, lending and investment solutions to
entrepreneurs and small businesses. Learn more about our work with small
businesses in Access to Capital or at bankofamerica.com/smallbusiness.
Merrill
With Merrill, you get straightforward investment advice
and guidance. We have the tools, the people, and the know-how to help you
create a personalized strategy to pursue your goals. Learn more at Merrill.com.
Bank of America Private Bank
We can help you and your family with sophisticated
planning and solutions to manage substantial wealth – now, and for future
generations. Learn more at privatebank.bankofamerica.com.
For companies
Man and woman wearing aprons smiling in store
Business Banking
Business Banking offers integrated financial guidance and
solutions—including credit, treasury, trade, foreign exchange, equipment
finance and merchant services—to small and mid-sized U.S. companies. Learn more
at bofaml.com.
Global Commercial Banking
Global Commercial Banking provides treasury, lending,
leasing, financial guidance, and debt and equity underwriting services to
middle market companies across all industries. It brings these clients the full
capabilities of the company paired with local service. Learn more at
bofaml.com.
Man standing in front of windows
Global Corporate & Investment Banking
Global Corporate & Investment Banking serves large
corporate clients around the world and across all industries — as well as
municipalities and government agencies—with solutions for treasury services,
lending, leasing, advisory, and debt and equity underwriting. Learn more at
bofaml.com.
Institutional Investors
Global Markets
Global Markets provides services across the world’s debt,
equity, commodity and foreign exchange markets. This includes liquidity,
hedging strategies, invaluable insights, and one of the world's leading
research platforms to institutional investor clients, including hedge funds,
asset managers, pension funds and others. Learn more at bofaml.com.
1Institutional Investor magazine announced BofA Merrill
Lynch Global Research as one of the top global research firms from 2011-2018
based on surveys held throughout the year. The magazine creates rankings of the
top research analysts in a wide variety of specializations, drawn from the
choices of portfolio managers and other investment professionals at more than
1,000 firms. BofA Merrill Lynch Global Research is research produced by BofA
Securities, Inc. (“BofAS”) and/or one or more of its affiliates. BofAS is a
registered broker-dealer, Member SIPC, and wholly owned subsidiary of Bank of
America Corporation. For more information about this award, go to
https://www.institutionalinvestor.com/research/8959/Overview. Rankings and
recognition from Institutional Investor are no guarantee of future investment
success and do not ensure that a current or prospective client will experience
a higher level of performance results and such rankings should not be construed
as an endorsement.
Our culture
At Bank of America, our culture comes from how we run the
company every day. At the heart of our responsible growth strategy is our
commitment to "act responsibly," which includes our commitments to
ethical behavior, acting with integrity and complying with laws, rules,
regulations and policies that reinforce such behavior.
We recognize that cultivating a strong culture is an
ongoing effort, fostered day after day in both formal and informal ways.
Building a unified culture requires thoughtful, purposeful action. This work
helped us bring together all of our employees - from different businesses,
companies, and countries - to be aligned to our purpose of making financial
lives better.
Leadership accountability
Establishing a culture built on integrity and ethical
business conduct starts with it being a priority for our CEO and the management
team, the Board of Directors, and other leaders. Our Board’s structure and
composition enables it to oversee and hold senior management accountable for
managing all types of risk, including those related to compliance and conduct.
As part of their oversight responsibilities, annually, the Board, Enterprise
Risk Committee and Audit Committee review or approve certain enterprise
policies related to compliance and conduct. Our Global Environmental, Social
and Governance Committee also regularly considers emerging issues, as well as
concerns raised by advocates, regulators, and other stakeholders, to ensure
that these concerns are integrated into our business decisions and are
understood and managed at the highest levels of the company.
Driving and upholding ethical conduct
While there is no single culture metric, the company
analyzes a variety of data sources to ensure we are living our values as a
company. For example, we drive our culture and related expectations for conduct
throughout the employee lifecycle – from hiring, to onboarding, to training and
development, to decisions on compensation and promotions. Our decisions behind
our performance management, compensation and recognition programs are rooted in
our culture and in our conduct expectations for all employees. We also assess
our culture through our employee engagement survey, sustaining an environment
which values and supports employee perspectives. Review our approach to
attracting and developing talent for more information about how we respond to
our employees in the workplace. Get the full details about our resources for
training and development in managing risk well.
An example of the tools and processes we have in place to
guide our employees is our Code of Conduct. The Code, along with our Vendor
Code of Conduct, Human Rights Statement and Modern Slavery Act Statement, is
grounded in our values, and outlines our business practices and policies, as
well as professional and personal conduct that all employees are expected to
adopt and uphold. Complaints or possible violations of the Code of Conduct or other
unethical activities, including financial improprieties, fraud, sexual
harassment, discriminatory practices, retaliation and conflicts of interest,
can be submitted anonymously, in complete confidence and without fear of
retaliation to the Ethics & Compliance Hotline. Read about the process and
impact of our Ethics & Compliance Hotline.
A culture of managing risk well
Managing risk well is foundational to our purpose and
values – and to delivering responsible growth. It contributes to the strength
and sustainability of our company for the future, and it supports the work we
do today to serve our clients, community, shareholders and employees. This
relies on the intellectual curiosity and sound judgment of every employee
across the company. When each employee takes ownership of risk management, we
can deliver on our purpose to make financial lives better through the power of
every connection.
In addition, our Environmental and Social Risk Policy
Framework articulates how we approach environmental and social risks across our
business, as well as outlining the environmental and social issues most
relevant to us.
CHASE BANK
Vision:
JPMorgan Chase (NYSE: JPM) is one of the oldest financial
institutions in the United States. With a history dating back over 200 years,
here's where we stand today:
We are a
leading global financial services firm with assets of $2.6 trillion.
We have a
presence in over 100 markets.
We have over
250,000 employees.
We serve
millions of consumers, small businesses and many of the world's most prominent
corporate, institutional and government clients.
We are a leader
in investment banking, financial services for consumers and small businesses,
commercial banking, financial transaction processing and asset management.
Our stock is a
component of the Dow Jones Industrial Average.
Certain principles are fundamental to our success. They
focus on how we strengthen, safeguard and grow our company over time. Adhering
to each of these principles is how we will become the best and most respected
bank in the world. We cannot promise specific outcomes or risk-free results.
From time to time, we may fall short in our efforts and if that happens, we
will renew our commitment to these principles and re-double our efforts. What
we can and will promise is to be truthful and give honest assessments of our
businesses and prospects; act with integrity and honor; and do the right
thing—not necessarily the easy or expedient thing. We will work with fierce
resolve to make this a company of which our customers, employees, shareholders
and communities can be proud.
“The strength
of our company has allowed us to always be there for our clients and
communities - in good times and in bad times - and this strength enables us to
continually invest in building our businesses for the future.”
Jamie Dimon,
Chairman & CEO, JPMorgan Chase & Co.
Exceptional Client Service
Throughout our 200-year history, JPMorgan Chase has
always been there for our constituents around the world. In the toughest of
times when strong banks are needed the most, we never waver in our support, and
we never lose sight of our main mission: serving our clients.
Operational Excellence
As important as strategy is, we have to execute to win.
Execution involves every employee and every contact we have with customers. The
devil is in the details. We must act quickly on problems; drive results, not
just activities; and ensure detailed follow-up so that we meet our commitments.
A Commitment to Integrity, Fairness and Responsibility
Maintaining the highest standards of integrity involves
faithfully meeting our commitments to all our constituents — customers,
employees, the Board, shareholders, regulators – and to ourselves.
A Great Team and Winning Culture
Teams succeed because they are disciplined, they work
well together, they execute consistently and they have a passion to win.
MILESTONES
The firm is built on the foundation of more than 1,200
predecessor institutions that have come together through the years to form
today's company. We trace our roots to 1799 in New York City, and our many
well-known heritage firms include J.P. Morgan & Co., The Chase Manhattan
Bank, Bank One, Manufacturers Hanover Trust Co., Chemical Bank, The First
National Bank of Chicago, National Bank of Detroit, The Bear Stearns Companies
Inc., Robert Fleming Holdings, Cazenove Group and the business acquired in the
WaMu transaction. Each of these firms, in its time, was closely tied to
innovations in finance and the growth of the U.S. and global economies.
The Manhattan Company’s 1799 charter
Financing the
Building of the Brooklyn Bridge
The Brooklyn
Trust Company, one of JPMorgan Chase’s predecessors, provided a majority of the
nearly $15 million needed to finance the construction of the Brooklyn Bridge,
the longest suspension bridge in the world. The historic bridge, opened in
1883, was the first to connect Manhattan and Brooklyn.
Historic
Relic from the Hamilton-Burr Duel
JPMorgan Chase
& Co. owns the brace of dueling pistols used in the infamous 1804 duel
between Alexander Hamilton and Aaron Burr. Aaron Burr was the first director of
The Bank of The Manhattan Company, the firm's earliest banking predecessor. The
Bank of The Manhattan Company purchased the pistols in 1930.
Honoring a
Financial Leader
Salmon P. Chase
is the namesake for the Chase National Bank, which later merged to become
JPMorgan Chase & Co. Founded in 1877 by John Thompson, Chase National Bank
was named as an homage to Salmon P. Chase, who served as Secretary of Treasury
for Abraham Lincoln. Chase’s image was also featured on the $10,000 bill.
Connecting Two
Oceans
In 1904, J.P.
Morgan & Co. was part of the largest real estate deal at that time,
arranging the transfer of $40 million from the U.S. government to the French
Panama Canal Co. to connect the Atlantic and Pacific Oceans by way of the
Panama Canal.
Advancing Women in Finance
In 1924, Chase National Bank appointed Mary Andress
Assistant Cashier. Chase was the first large New York City bank to hire a
female officer in its main office. Andress also actively promoted banking as a
viable career choice for women.
CITI BANK
Vision:
At Citi, we empower people who are out to change the
world so together, we can create a better tomorrow.
culture and diversity
empowering women for life empowering women for life
In Singapore, more than 40% of women don’t have paying
jobs, and most prioritize their family’s needs above their own. The Tsao
Foundation ensures they have a more independent and financially secure future.
Coupled with a longer life expectancy than men, many
women in Singapore run into financial problems in their silver years. The Tsao
Foundation partnered with Citi to launch the Citi-Tsao Foundation Financial
Education Program for Mature Women in 2008. This program teaches women how to
manage their money and improve their financial security. To date, it has
empowered more than 6,000 women in Singapore.
protecting history for the future protecting history for
the future
The New York Public Library's Schomburg Center houses the
history and culture of people of African descent. But it urgently needed
renovations. Citi provided the financial support to protect irreplaceable
archives, increase visitor numbers and help preserve the story of black culture
for future generations.
In this age of screens in every pocket and
always-on-demand entertainment, it can be easy to overlook the value and
importance and sheer delight of a visit to the public library. Libraries not
only teach us new things, they connect us to our communities, our neighbors and
our world. Libraries promote critical thinking, historical empathy and
tolerance, especially for students from rural or high-poverty areas. In a city
like New York, these houses of knowledge can even offer people refuge from the
harsh realities of their surroundings.
For all these reasons, it's essential that we keep our
libraries up and running.
Unfortunately, repairing public libraries is expensive
and local municipalities have to balance where every dollar is spent. NYC's
libraries need $1 billion in capital repairs, the vast majority of which are
critical infrastructure repairs, and city capital funding isn't meeting those
needs.
Harlem's Schomburg Center for Research in Black Culture
is a perfect example of these issues. A research arm of the The New York Public
Library system, focusing on the African American, African diaspora and African
experiences around the world, Schomburg serves as a cultural nerve center not
only for the immediate community, but also for those from all around the world
seeking to enrich their knowledge of black history.
"The Schomburg Center itself is the most significant
institution in that history," said Khalil Gibran Muhammad, the center's
director. "No other organization in this community has been as singularly
focused on continuing to making history relevant for future generations."
It's a tragedy, then, that the building was literally
falling apart, decades of neglect threatening to destroy invaluable pieces of
art and history. The Schomburg collection allows African Americans from all
over the nation to learn about a cultural history as told by those who lived
through it. This is vital to the community, and a major reason why Citi stepped
in to help preserve the Center. Citi ultimately provided $10 million in tax
credit allocation as well as $3.2 million of equity that went towards the
nearly $18 million renovation of the Schomburg Center.
With Citi's help, the Schomburg Center was able to
replace its roof, overhaul its ventilation system, upgrade its technology and
expand its research areas. In the four years since renovation, the Schomburg
has seen a 300% growth in visitors, a number that is expected to grow by
another 30%. It's now one of the world's leading research facilities devoted to
the preservation of materials on the global African and African diaspora
experiences. Most importantly, with Citi's help, the Center will continue to be
seen as a source of pride in Harlem for generations to come.
"The Schomburg is a national treasure. And my hope
with the small part that Citi played in this much larger revitalization is that
it regains its place of regal-ness; that it regains its place of significance
for not just Harlemites but for the entire country and the world," said
Gina Nisbeth, director in the structured lending and investments group of Citi
Community Capital, who grew up going to the Schomburg Center. "That for
generations to come, people will be able to come to this institution and
understand what I understood, what generations before me understood: the rich
cultural legacy."
education
practical skills for empowering students practical skills
for empowering students
Many high school students lack the skills and
self-confidence needed to succeed. Girl Rising, a global education movement,
helps inspire them – and with Citi’s support, has added financial empowerment
to its U.S. curriculum. More students are now prepared to reach their full
potential.
As part of their global campaign for young people’s
education and empowerment, Girl Rising created a set of tools that help
educators teach practical skills to their students. With Citi’s help, Girl
Rising was able to add a new financial empowerment module to their curriculum.
Students who participate in Girl Rising's program develop more confidence and
are better prepared to benefit from the challenges and opportunities of
adulthood. It offers them a new perspective on their education and a belief in
their own power to create change in the world.
education
one girl with an education can help change the world one
girl with an education can help change the world
Citi's partnership with Malala Fund includes direct
support for education champions working on the ground around the world to help
the more than 130 million girls who are not in school.
For millions of people around the world, Malala Yousafzai
is truly an inspiration.
Malala became an international leader fighting for
improved access to education as a result of her own experience. She was
targeted by the Taliban and shot in 2012, but she did not back down or lose
hope. Malala continued to fight and quickly became an international advocate
leading a global campaign to help deliver education for girls.
Today, there are more than 130 million girls around the
world who are not in school – a number equal to roughly 40% of the U.S.
population. As a result, these girls may not have the opportunity to reach their
full potential.
Changing this is the mission of Malala Fund, an
organization dedicated to providing girls with 12 years of free, safe, quality
education.
One of the many ways Malala Fund amplifies girls' voices
is through its network of education champions. These education champions work
by providing distinct and practical solutions, which are adapted to their
community’s challenges.
Malala Fund champions encourage girls to speak for
themselves, and work with them to identify the resources they need to maximize
their learning and educational experience.
One of Citi's core goals for a better 2030 is investing
in gender equality and educational programs. As a result, Citi is using its
on-the-ground presence in countries where the organization's educational champions
operate, to help Malala Fund address financial needs as it broadens its reach
around the world.
"When girls go to school, we're going to maximize
their talents."
"To have the expertise of our financial partner,
Citi, guiding us is very important," says Farah Mohamed, CEO of Malala
Fund. "The fact that Citi is in countries where girls are vulnerable
ensures that we’re able to get funds to the people that we're working with and
expand with great confidence. When girls go to school, we're going to maximize
their talents."
Citi simplifies Malala Fund's donation processes while
offering scalable global solutions, providing the organization with peace of
mind knowing its funds are disbursed safely and securely.
Malala Fund believes that when you educate a girl, you do
so much more – you improve her health, wealth and provide her with the freedom
to take control of her own life and the opportunity to play a greater role in
the future of her community.
education
investing in futures changes the future investing in
futures changes the future
600 million young people worldwide are unemployed or not
in school. JA (Junior Achievement) is helping the next generation realize their
full potential by teaching financial education and instilling an entrepreneurial
mindset. That’s why Citi and the Citi Foundation have worked with JA for over
30 years, including with the Pathways to Progress Initiative.
Youth who are involved in JA programs are three times
more likely to become entrepreneurs, they’re more likely to create jobs for
others and earn more themselves.
education
helping d.c. students keep the ball inside the lines
helping d.c. students keep the ball inside the lines
Many kids in southeast D.C. have no place to go when
school ends. Through our sponsorship of the Citi Open® Tournament in D.C., Citi
helps the WTEF raise funds to provide a fun and safe environment where they can
just be kids and excel to their fullest potential.
Over forty percent of children in southeast D.C. do not
graduate. The Washington Tennis & Education Foundation helps kids after
school with their academics and their tennis skills. WTEF is the sole
beneficiary of the Citi Open® Tournament. This sponsorship and the growing
support of retired teachers has ensured 100% of the students in WTEF graduate
from high school.
housing
renovating housing, restoring hope renovating housing,
restoring hope
In the aftermath of Hurricane Sandy, MDG and Citi came
together to create a public–private partnership that helped rebuild Ocean Bay
Apartments.
Safe, affordable housing is critical to building a path
out of poverty. And yet, municipal budget constraints and deficits have created
a nationwide affordable housing crisis in the United States.
Residents of the Ocean Bay Apartments in Far Rockaway, New
York, endured poor living conditions before Hurricane Sandy hit. Afterward, a
bad situation became even worse.
In the storm's aftermath, private housing developer MDG
joined forces with Citi Community Capital to restore Ocean Bay Apartments and
the greater Far Rockaway community.
"When I first came to Ocean Bay what I saw was
despair. I knew something had to be done," said Michael Rooney from MDG
Design and Construction. "We saw the size of the project, the amount of
money it would take, how quickly it needed to close – there was only one bank
we considered, and it was Citi."
MDG turned to Citi for an innovative financial approach
and Citi delivered, creating a first-of-its-kind public-private financing
structure. Citi's loan structure helped MDG save over $1 million in fees that
they reinvested in the project.
By placing the boilers on the roof and building a new
flood wall, MDG made Ocean Bay storm-resilient. They also added solar panels
for environmental efficiency and economic savings over the long term. Two new
community gardens allow residents to grow their own food and flowers.
MDG worked with local businesses, assisting contractors
with payment terms that enabled them to handle multimillion-dollar contracts
and provide jobs to local residents.
"Hurricane Sandy really woke people up to showing
that we need to invest in this community."
All of this development kick-started additional
investment in the Far Rockaway community, including plans for a retail center
and new supermarkets.
Citi's innovative public-private financing structure is
becoming a model for other affordable housing developments across the country,
spurring renovation, job creation and positive environmental impact.
At Ocean Bay Apartments, residents now have a new
confidence and a new sense of pride and ownership that is revitalizing the
whole community.
GOLDMAN SACHS
Vision:
We commit people, capital and ideas to help our clients,
shareholders and the communities we serve to grow. At Goldman Sachs, we:
Advise
We advise companies on buying and selling businesses,
raising capital and managing risks, which enables them to grow.
Finance
We help local, state and national governments finance
their operations so they can invest in infrastructure, like schools, hospitals
and roads.
Transact
We transact for our clients in all key financial markets,
including equities, bonds, currencies and commodities, so that capital flows,
jobs are created and economies can grow.
Support
We help markets remain efficient and liquid, so investors
and companies can meet their needs, whether to invest, raise money or manage
risk.
Manage
We preserve and grow assets for institutions, including
mutual funds, pension funds and foundations, as well as individuals.
Invest
We invest our capital alongside our clients’ capital to
help businesses grow.
Innovate
We develop ideas and analysis that drive new
perspectives, new products and new paths to growth.
People and Culture
Our people are our greatest asset – we say it often and
with good reason. It is only with the determination and dedication of our
people that we can serve our clients, generate long-term value for our
shareholders and contribute to the broader public.
At the crux of our efforts is a focus on cultivating and
sustaining a diverse work environment and workforce, which is critical to
meeting the unique needs of our diverse client base and the communities in
which we operate.
At every step of our employees’ careers we invest in
them, and ensure their interests remain focused on the long term and closely
aligned with those of our clients and shareholders. Our goals are to maximize
individual potential, increase commercial effectiveness, reinforce the firm’s
culture, expand our people’s professional opportunities, and help them
contribute positively to their greater communities.