In response to the devastating earthquake in Haiti on Tuesday, Citigroup Inc announced a $2 million commitment for immediate relief and recovery efforts. Citi will give $250,000 to the American Red Cross for immediate relief and the remainder will be given to local partners for medium- to long-term reconstruction efforts.

Citi CEO Vikram Pandit said: "Our thoughts and prayers are with the people of Haiti and the families and friends of Citi employees in Port-au-Prince. Citi has been operating in Haiti since 1971. Citi's relief efforts will help aid organizations on the ground facilitate the preservation of life and the rebuilding of the country. I would also like to thank Citi employees in Haiti and from around the world who have been so generous in their efforts to help."