BRANDS 4 GOOD: BANK OF AMERICA
Our latest addition to brands 4 good is the Bank of America increasing its commitment to advance racial equality and economic opportunity to $1.25 Billion.
Bank of America has announced that it has increased its $1 billion, four-year commitment to advance racial equality and economic opportunity to $1.25 billion over five years. This effort further accelerates work already underway to address racial equality and opportunity through direct actions, investments, and work to catalyze similar efforts across the private sector.
To date, the company has made more than $350 million in various investments from its initial $1 billion four-year commitment, announced in June 2020, across its primary focus areas of health, jobs/reskilling, affordable housing, and small business. Additional funds announced will further support investments to address racial justice, advocacy, and equality for people and communities of color, including those of Asian descent.
“The urgency we feel to address long-standing issues of inclusion and racial inequality has only increased following the attacks and hate speech directed at Asian people over the last year,” said Bank of America Chairman and CEO Brian Moynihan. “Across the public and private sectors, it is clear that we must do more – to take action, help others convene, and serve as a catalyst for a broad-based, collective response to the critical issues affecting our nation.”
Bank of America’s work to address racial equity includes participation in the Business Roundtable’s new, multi-year effort to improve equity, diversity, and workplace culture, and the bank’s partnership with the Smithsonian Institution in support of its “Our Shared Future: Reckoning with our Racial Past” initiative.
Within the company, Bank of America’s Global Diversity & Inclusion Council includes senior executives from around the world and has been led by Moynihan for more than a decade. The company also connects and supports employees through 11 employee networks and local chapters, including the Asian Leadership Network with more than 11,000 members.
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