NEW YORK: Citigroup, the largest credit-card issuer in the world, with 100 million card-holders, has hired the head of a nonprofit financial-literacy group to lead a 10-year, $200-million financial-education effort.
The campaign, which might boost Citigroup's image as a good corporate citizen and help stave off losses from having too many bankrupt customers, began April 7 with a multi-nation PR blitz handled in-house.
Dara Duguay resigned earlier this month as executive director of the Washington-based JumpStart Coalition for Personal Financial Literacy to head Citigroup's new Office of Financial Education.
The office will teach how to manage money and consumer debt, Duguay said. "There's an obvious need to have Americans more financially literate, and also globally. For instance, last year was the highest bankruptcy level ever in recorded history. Over 1.6 million Americans filed for bankruptcy."
Citigroup announced its education effort in 15 countries and 12 US cities simultaneously on April 7, Duguay said. The new office is identifying programs to help promote financial education.