By Maitane Sardon


Bank of America Corp. said Tuesday that it will donate $1 billion over four years to help local communities fight economic and racial inequality, which has been intensified during the pandemic.

The move comes as companies vow monetary support to help fight racism after the death of George Floyd at the hands of police in Minneapolis. Verizon Communications Inc., Facebook Inc., Intel Corp. and Cisco Systems Inc. have all pledged donations to organizations addressing racial injustice.

"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 Chief Executive Brian Moynihan. "We all need to do more."

Bank of America said the money will be earmarked toward helping expand health services with a special focus on communities of color, supporting minority-owned small businesses and partnerships with historically black universities and Hispanic-serving institutions in the U.S.

Bank of America is the latest bank to speak out on racism after George Floyd's death. Last week, Citigroup Inc.'s Chief Financial Officer Mark Mason said in a blog post that racial injustice is a systemic problem that needs to be spoken up about and confronted. Goldman Sachs Group Inc. Chairman and CEO David Solomon said he is horrified by the continued attacks against the black community and urged employees to "acknowledge what is happening" and "speak out against injustices." JPMorgan Chase & Co. Chairman and CEO Jamie Dimon also issued a statement condemning racism and discrimination.


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(END) Dow Jones Newswires

June 03, 2020 05:30 ET (09:30 GMT)

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