Bank of America Announces $1B USD Contribution to Help Address Racial Inequality

As Wall Street CEOs show support for the #BlackLivesMatter movement.

By
Tech 
12,322 Hypes 6 Comments

As protests across the nation continue, the Bank of America has announced a $1 billion USD contribution to help local communities address economic and racial inequality.

In a press release, the second-largest American bank revealed a four-year commitment of additional support for people and communities of color that have experienced a greater impact from the ongoing health crisis.

“Underlying economic and social disparities that exist have accelerated and intensified during the global pandemic,” said CEO Brian Moynihan. “The events of the past week have created a sense of true urgency that has arisen across our nation, particularly in view of the racial injustices we have seen in the communities where we work and live. We all need to do more.”

The contribution will build on economic mobility and workforce development programs that Bank of America already supports in local markets, but will also see a greater focus on that work, accelerate resources and develop an emphasis on health services in communities of color. Bank of America’s plans will be executed by the company’s 90 local U.S. market presidents and non-U.S. country executives responsible for developing fitting opportunities.

Bank of America’s initiative adds to its pledge of $100 million USD to support its nonprofit partners, $250 million USD to assist with lending to the smallest and minority-owned businesses and follows the death of George Floyd who was killed by Minneapolis police on Memorial Day.

Although the press release from Bank of America does not directly address Floyd’s murder or the deaths of Ahmaud Arbery in Georgia and Breonna Taylor in Kentucky, a number of Wall Street CEOs have stepped up to show their support for the #BlackLivesMatter movement. Influential heads of American financial firms like Jamie Dimon (CEO of JPMorgan Chase), Mark Mason (CFO of Citigroup), David Solomon (CEO of Goldman Sachs), Charlie Scharf (CEO of Wells Fargo) and more have expressed horror, anger and empathy in staff emails and social media posts.

Check out Bank of America’s statement for its $1 billion USD contribution and what Wall Street CEOs had to say about the situation in the United States.

In case you missed it, catch a round-up of the artists releasing works to benefit justice organizations, charities and Coronavirus COVID-19 relief.

Read Full Article

What to Read Next

Artists Release Works to Benefit Justice Organizations, Charities and COVID-19 Relief
Arts 

Artists Release Works to Benefit Justice Organizations, Charities and COVID-19 Relief

Including Bodega Rose’s Air Jordan 1 vase raffle to raise money for COVID Bail Out Fund.

Sotheby's Hong Kong and AllRightsReserved Announce COVID-19 Charity Auction
Arts

Sotheby's Hong Kong and AllRightsReserved Announce COVID-19 Charity Auction

Featuring works from Verdy, KAWS, Yu Nagaba, Joan Cornellà and many more.

Formula 1 Season Will Start With Eight Races in Europe
Sports

Formula 1 Season Will Start With Eight Races in Europe

The 2020 F1 calendar starts in Austria on July 5, 2020.


Floyd Mayweather to Reportedly Pay for George Floyd's Funeral Service
Sports 

Floyd Mayweather to Reportedly Pay for George Floyd's Funeral Service

Covering a funeral in Houston, Minnesota, and Charlotte.

'British Vogue' Honors Key Workers on Cover of Upcoming July Issue
Design

'British Vogue' Honors Key Workers on Cover of Upcoming July Issue

Celebrating courage in the face of adversity.

Toyota Unveils Japan-Only GR Yaris RS With 118 HP
Automotive

Toyota Unveils Japan-Only GR Yaris RS With 118 HP

The super city car now comes as a tame, front-wheel-drive variant.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.

Help Support Us

We need ads to keep the lights on and to continue providing free news to our readers. We’d appreciate your support by whitelisting HYPEBEAST on your ad blocker. That way you can keep reading all the great stories for free.

If you have already whitelisted us, simply refresh this page. To find out how to whitelist us, click the button below.

Back

Add Us to Whitelist

We appreciate your support in allowing HYPEBEAST ads. Most ad blockers have similar whitelisting steps and settings. If you need assistance, please contact us.

Adblock Plus

  1. Click on the red ABP icon in the upper right corner of your browser.
  2. Click “Enabled on this site” to disable ad blocking for the current site. In Firefox click “disable on HYPEBEAST”.
  3. Refresh the HYPEBEAST page that you were viewing.

Adblock

  1. Click the AdBlock hand icon.
  2. Click “Don’t run on pages on this domain”.
  3. A new “Don’t run AdBlock on…” dialog may be displayed in the middle of the screen.
  4. Move the “Site” slider to the right. After that, click “Exclude”.
  5. Refresh the HYPEBEAST page that you were viewing.

uBlock

  1. Click the uBlock icon.
  2. Click the large blue “power” button in the menu that appears to whitelist the current website.
  3. Reload the HYPEBEAST page that you were viewing.

Firefox Browser

Firefox Tracking Protection may activate our whitelist notice, which can be disabled temporarily for a browsing session by clicking the shield icon in the URL bar and following the instructions.

Disconnect

  1. Click the Disconnect icon.
  2. Click “Whitelist site”.
  3. Refresh the HYPEBEAST page that you were viewing.