Bank of America said that it will commit $1 billion to help local communities address widening economic and racial inequality brought on by the pandemic
Areas of focus for Bank of America’s will be on improving access to jobs and helping build skills and training for workers. Additionally, the firm is committing to supporting local small businesses and housing. Due to the pandemic, it said added attention and resources will be committed to health services.
BofA said it will roll out the $1 billion program through the leaders of its businesses in local markets. Some 91 U.S. market presidents at BofA nationwide and some international personnel will develop plans to execute the commitment in their local markets. Specific areas of focus will be building partnerships with historically black colleges and universities and Hispanic-serving institutions that help with hiring, research programs. It will also support to minority-owned small businesses, including clients and vendors, and work with high schools and community partnerships to give workers new skills.
“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.”
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