Citi Bank has shared plans to spend $1.15 Billion to help close America’s racial wealth gap.
“This is a moment to stand up and be counted, and Citi is committed to leading the way and investing in communities of color to build wealth and strong financial futures,” Citi’s CEO Michael Corbat said in a written statement.
The plans are part of Citi’s response to the killing of George Floyd called Action For Racial Equity Program.
Here’s how Citi lays out the pledge on their site:
To support these goals, Citi core businesses as well as the Citi Foundation are committing the following resources over the next three years:
- $550 million to support homeownership for people of color and affordable housing by minority developers
- $350 million in procurement opportunities for Black-owned business suppliers
- $50 million in additional impact investing capital for Black entrepreneurs
- $100 million to support Minority Depository Institutions’ growth and revenue generation
- $100 million in Citi Foundation grants to support community change agents addressing racial equity
“Addressing racism and closing the racial wealth gap is the most critical challenge we face in creating a fair and inclusive society and we know that more of the same won’t do,” said Corbat. “We are bringing together all the capabilities of our institution—our people, our lines of business, our balance sheet, and our philanthropy—like never before to combat the impact of racism in our economy.”
With America being one of the most prestigious and richest countries in the world, it’s about time we admit that she has scars. One of those scars is the unfair and biased distribution of opportunities between various cultures and races. In other words, minorities aren’t given equal opportunities at success.
The turn of the tide in this conversation is based upon how financial giants and leaders respond to the disparities that are in our communities. It’s safe to say that Citi is certainly taking steps in the right direction. Hopefully it starts a trend with other financial titans within the industry.
Who knows what can be built as a result. Kudos to Citi.