Bank of America is increasing its $1bn, four-year commitment to advance racial equality and economic opportunity.
It is now committing $1.25bn to its programme over five years.
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Expansion will include actions to address racial justice and advocacy for people of Asian descent.
This effort further accelerates work already underway to address racial equality and opportunity. Specifically, the bank is promoting direct actions, investments and work to catalyse similar efforts across the private sector.
To date, the bank has made more than $350m in various investments from its initial $1bn four-year commitment, announced in June 2020. This is across its primary focus areas of health, jobs/reskilling, affordable housing and small business. Additional funds announced will further support investments. They address racial justice, advocacy and equality for people and communities of colour, 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,” says Bank of America Chairman and CEO Brian Moynihan.
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By GlobalData“Across the public and private sectors, it is clear that we must do more. We will take action to help others convene and serve as a catalyst for a broad-based, collective response to the critical issues affecting our nation.”
Immediate $1m support for Asian American community
The bank also announced an immediate $1m commitment and related actions in support of increased advocacy, dialogue and engagement with the Asian American community. Further investments will be identified as part of the company’s expanded five-year effort.
“The rising number of attacks against Asian people, including the tragic shootings in Atlanta recently, have served as a stark reminder that we must stand united against discrimination, hate speech and violence,” adds Thong Nguyen, vice chairman at Bank of America. “We will not tolerate acts of racism in any form. Today’s commitment builds upon Bank of America’s many years of work in support of inclusion and racial equality.”
