October 29, 2009
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News: Citibank Staying in South Dakota
Citibank's Chief Executive Officer, Vikram Pandit, visited with South Dakota (SD) to reinforce the company's decision to remain in SD. In an effort to cease the spreading of any rumors that the giant credit card company would be making significant changes in regard to its Sioux Falls, SD operations, Pandit stated "We're not planning any major changes." Pandit also squashed any additional concern that the company would be shutting down its operations in Sioux Falls. There has been a great deal of community concern in wake of the new credit card reform legislation that is soon be enacted which will have a significant impact on Citibank's student loan and credit card divisions. Citibank employees over 3,000 individuals at their Sioux Falls operations and it goes without saying any shut down in SD would be a devastating event for the community.
Citibank has been a strong advocate for the economically deprived and has contributed with immense compassion and assistance to the betterment of the Sioux Falls community. The bank's contributions expand far beyond its credit card and banking services being employed in SD, the company has assisted in the redevelopment of impoverished areas known as Pettigrew Heights, a 60 block area near downtown Sioux Falls. Citibank also made available a $5 million line of credit for the improvement of this area. During the meeting, Mike Cooper, Sioux Falls' Director of Planning and Building Services gave a presentation which outlined the work and progress of the Pettigrew Heights project. He applauded the credit card giant for their contributions and support and stated that the pivotal change occurred when Citibank made the line of credit available.
Future endeavors between Citibank and the community are on the drawing table including $280,000 in grants that will go to support the education efforts of Native Americans. Citibank's community contributions go a long way and one can't help but wonder if there'll be a trimming down of contributions next year in light of the fact that Citibank has reported some of the highest credit card defaults figures in the industry.