Taking action to improve racial equality and economic opportunity
In June 2020, Bank of America’s CEO Brian Moynihan stated, “A sense of true urgency has arisen across our nation, in view of the racial injustices we’ve seen in the communities where we work and live. We all need to do more.” We’ve taken those words to heart. While equality has long been core to us at Bank of America, the events of the past year have spurred us to accelerate efforts to address racial equality and opportunity.
We’ve made a $1.25 billion commitment to supporting minority-owned businesses, job training, health care and affordable housing. We also tripled our Bank of America Community Homeownership Commitment® to $15 billion, aiming to help more than 60,000 low- and moderate-income individuals and families to purchase homes. We also launched the Center for Black Entrepreneurship in partnership with Morehouse College, Spelman College and the Black Economic Alliance Foundation, through a two-year, $10 million grant.
Throughout our organization, diversity, equality and inclusion are central to the way we run our business and treat our clients. I share these commitments as a member of our Black Executive Leadership Council, which works closely with our board, management team and employees — inclusive of our Black Professional Group — to create opportunity for our Black talent across the globe.
Our goal is to build a firm that not only looks like the communities we serve but also empowers millions more of our fellow citizens to build wealth, achieve financial independence and make financial lives better by connecting those we serve with the resources they need to be successful. Partnerships like Executive Leadership Council are critical to this work and help us drive progress.
“Every day, we’re helping our clients and communities turn opportunity into action, providing them with the building blocks they need to gain financial independence and move toward a better financial future.”
D. Steve Boland Chief Administrative Officer Bank of America