Citi’s Action for Racial Equity initiative invests USD1bn to address racial wealth gap in the US
Citi and the Citi Foundation announced today the Action for Racial Equity initiative has already invested USD1 billion in strategic initiatives to help close the racial wealth gap and increase economic mobility in the United States in year one of a three-year commitment.
Announced in September 2020, Citi’s Action for Racial Equity is a comprehensive approach to 1) provide greater access to banking and credit in communities of colour, 2) increase investment in Black-owned businesses, 3) expand affordable housing and homeownership among Black Americans and 4) advance anti-racist practices in its company and the financial services industry. Citi is on track to far exceed its original $1.1 billion commitment.
“We are meeting the challenge of helping close the racial wealth gap with urgency,” says Jane Fraser, CEO, Citi. “In just one year since launching Action for Racial Equity, we have already invested USD1 billion into initiatives expanding economic opportunity for communities of colour. There is still more work to be done to advance anti-racist practices both within our firm and across the industry, and we look forward to continuing to evolve our approach to driving diversity, equity and inclusion for our colleagues, clients and communities.”