Citi announced a $1 billion commitment to address racial wealth disparities by ruthumohnews
BLOOMBERG NEWSOn Wednesday, Citigroup, the nation’s fourth largest bank by asset size, pledged more than $1 billion over the next three years to address the widening racial wealth gap and increase the economic mobility of Black Americans.
“It has been a catalyst for many companies to really try and get after this in a substantive way, and for Citi, it's certainly caused us to take a step back,” Mason says. Those executives swiftly assembled a team of business leaders throughout the firm to devise what would later form Citi’s $1 billion commitment to help advance racial equity and allay the financial drag Black people experience in the U.S.
Citi is allocating $100 million to support the growth and revenue generation of Minority Depository Institutions, which play a critical role in fostering the economic viability of the communities they serve, by supplying them with $50 million in growth capital. The bank’s philanthropic arm, Citi Foundation, will receive the remaining $100 million to provide economic opportunities for young people in underserved communities.
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