Published on 19 June 2020

SUSTAINABLE FINANCE

Bank of America commits $1 billion to reducing economic and racial inequalities

Following the death of George Floyd in the United States, the anti-racism movement, led by Black Lives Matter, has moved Bank of America to fight against inequality. Over a four-year period, the company plans on donating $1 billion to projects focused on education, health and economic development in Black and Latino communities.

Bank of America 1
Training, housing, and healthcare are among the themes that Bank of America wants to address through funding in an effort to reduce racial and economic inequalities.
@Bank of America

One of the largest American banks wants to fund programs to fight against racial and social inequalities in the United States. Bank of America has committed to funding as much as $1 billion, over a four-year period, to projects targeted at local communities that have suffered the most from the recent health crisis.

“Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic,” said Bank of America CEO Brian Moynihan. According to Moynihan, the death of George Floyd by a police officer and the ensuing protests have created a sense of urgency, “particularly in view of the racial injustices we have seen in the communities where we work and live”.

Accelerate support programs

Funds will support training and skills development programs that have already been implemented by the bank, but with the intention of accelerating these programs for communities most affected by the recent crisis. Bank of America is also adding a health dimension to its programming by organizing virus testing, telemedicine, and other medical services, for Black and Latino communities.

The bank also wants to take social and economic action. Specifically, it plans to multiply partnerships with historically black colleges and Hispanic/Latino-serving institutions to develop research and recruitment programs. It also plans to support minority-owned SMEs and develop recruitment efforts in low-income areas or disadvantaged communities. Lastly, Bank of America has committed to urban revitalization and affordable housing.

Arnaud Dumas, @ADumas5


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