Bank of America Pledges $1 Billion To Tackle Racial Inequality

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Bank of America Corp has pledged $1 billion to help communities across the country address economic and racial inequality.

The pledge makes Bank of America the first large bank to support the ongoing protests across the country rallying against the murders of innocent Black lives and systemic 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," Chief Executive Officer Brian Moynihan said in a statement. "We all need to do more."

According to the bank, the four-year commitment will include virus testing, vaccination clinics and other health services, primarily focusing on communities of color. Part of the initiative will also support to minority-owned small businesses and partnerships with historically Black and Hispanic educational institutions. It will also go towards the recruitment of new bank employees in economically disadvantaged communities.