JPMorgan Chase committed $30 billion over the next five years to promote racial equality.
"Systemic racism is a tragic part of America's history," said JPMorgan Chase Chairman and CEO Jamie Dimon in a news release. "We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people. It's long past time that society addresses racial inequities in a more tangible, meaningful way."
Citi Bank and Bank of America each pledged around $1 billion to advance racial equality and economic opportunity.
Chase plans to invest a mix of loans, equity and direct funding to support its new commitments, like promoting and expanding affordable housing, homeownership and access to banking, helping grow Black and Latinx-owned businesses, and building a more diverse workforce.
"The Covid-19 crisis has exacerbated long-standing inequities for Black and Latinx people around the world. We are using this catalytic moment to create change and economic opportunities that enhance racial equity for Black and Latinx communities," said Brian Lamb, JPMorgan's global head of diversity and inclusion.
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