Over the next four years, Bank Of America will donate $1B to combat racial and economic inequalities.
Bank Of America is putting up some big bucks (as they should) towards fighting against economic racial disparities in the midst of protests across the country and the coronavirus pandemic. In a press release statement obtained by CNN, the CEO of Bank Of America spoke about the necessity of doing more for Black communities across America, especially after the devastating hit that many small businesses faced following the nation-wide shutdown.
CEO Brian Moynihan acknowledged the "underlying economic and social disparities" that Black communities face along with the economic struggles small businesses were left to deal with because of coronavirus. He added that the protests and headlines of police brutality against the Black community have "created a sense of true urgency."
“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,” said CEO Moynihan, “We all need to do more.”
BofA have laid out a $1B plan to take place over the course of the next four years develop new workforces and create stronger economy for local communities. They'll also put a larger focus on creating better access to jobs as well as developing skills and training workers. This initiative will extend to housing and local small businesses as well as health services.