Citigroup Inc. urged employees not to get drawn into brawls with protesters targeting the bank’s New York headquarters, a sign that a prolonged activist campaign is beginning to affect employees and executives alike.
Climate activists have sought to close the entrance to the bank’s main office since early June Video snapshot Angry scenes were displayed in the public square outside the building. Citigroup’s Security and Investigation Services team is advising employees on how to handle incidents, according to a memo to employees seen by Bloomberg.
“I know many of you were offended by some of the language and actions, as I was, but we have to remain calm,” Ed Skyler, head of corporate services and public affairs at Citigroup, said in the memo. “We continue to ask that you avoid engaging with protesters, follow best practices for handling protests and listen to the guidance of CSIS and local law enforcement.”
A Citigroup spokeswoman declined to comment.
The demonstrators called their campaign against Citigroup “Summer heatOn a website filled with slogans such as “Beautiful people hate Wall Street” and “Eat the rich,” organizers said demonstrators “will continue to protest vigorously all summer long. Week after week. Month after month.”
So far, protest organizers say nearly 200 activists have been arrested, while police line up almost daily outside Citigroup’s headquarters. Protesters pledge to avoid physical violence, but they also say their goal is to physically prevent employees from entering the building and doing their jobs.
“Although it is extremely frustrating when access to our building is temporarily blocked, we must allow the professionals to do their jobs,” Skyler said in the memo. “We are grateful for the presence and assistance of local law enforcement, who acted quickly when necessary to keep our colleagues and the community safe.”
In the weeks since the rally began outside Citigroup’s headquarters, activists have also protested the bank’s presence in Israel.
Citigroup was The first international bank To obtain a full banking license in Israel in 2000, and today it says it has The largest presence From any foreign financial institution in the country. The demonstrators He says The bank is middle To the Financing arrangement Enabling Israel to purchase F-35 fighter jets From the United States government.
“Please be assured that, as outlined in our Environmental and Social Risk Management Policy, any financing of military equipment to the United States or its allies requires high-level approval,” Skyler said in the memo.
Under that PolicyCitigroup says it “will not directly finance” cluster munitions or biological, chemical or nuclear weapons. The bank says it is “rare” for it to be asked to provide direct financing for military equipment, including missiles, fighter jets, armored vehicles or warships.
Protesters targeted other banks around the world over their perceived ties to the conflict between Israel and Hamas. Over 15 Barclays branches across England and Scotland I covered painted in red and had windows smashed in recent weeks after the British lender admitted it had “Corporate banking servicesRelationship with Israeli military technology company Elbit Systems Ltd.
“We are financing some companies that make defense equipment, as well as their civilian products,” said CS Venkatakrishnan, CEO of Barclays. Modern column For the Guardian. “These companies are supported by our democratically elected governments for their role in protecting the UK and its allies in Europe. We will not undermine our national security by breaking up their banks.”
The activists behind the Manhattan climate protests against Citigroup say they are targeting the bank because they believe it is more likely to make an impression with the lender than some of its peers such as JPMorgan Chase & Co.
Citigroup has already done so Pledge To align its business with net-zero greenhouse gas emissions by 2050, a commitment made by CEO Jane Fraser on her first day in the role in early 2021.
Currently, the bank is the sixth-largest provider of loans to oil, gas and coal since the signing of the Paris Agreement in late 2015, according to data compiled by Bloomberg. Bloomberg data shows that its fossil fuel lending has declined steadily in recent years, and so far in 2024, it is the 12th largest provider of loans to the fossil fuel sector.
“Citi is not the only financial institution facing these protests, and as a global bank, we remain committed to being an active member of the communities we serve,” Skyler said in the memo. “We respect the right to protest, but not at the expense of our colleagues’ safety or when others commit abuse or hatred.”
