The
Wall Street bank said the three-year initiative will include
programs that would provide greater access to banking and credit
in communities of color, increase investment in Black-owned
businesses and expand homeownership among Black Americans.
"We are in the midst of a national reckoning on race and words
are not enough," said Chief Financial Officer Mark Mason. "We
need awareness, education, and action that drive results."
Mason is one of the industry's most senior Black executives.
Citi's statement comes amid a broader re-think of racism in the
United States in recent months, after police killings of Black
Americans including George Floyd, who died on May 25 in
Minneapolis.
Many U.S. companies have issued statements of solidarity with
the Black community, promised to increase diversity among
employees and collectively pledged nearly $2 billion to advance
racial justice and equity.
In June, Bank Of America decided to pledge $1 billion to address
economic and racial inequality. [nL4N2DF2NU]
Reuters reported on Tuesday Wells Fargo & Co Chief Executive
Charles Scharf exasperated some Black employees in a Zoom
meeting this summer when he reiterated the bank had trouble
reaching diversity goals because there was not enough qualified
minority talent. [nL2N2GJ1DW]
(Reporting by Madhvi Pokhriyal in Bengaluru; Editing by Arun
Koyyur)
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