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23 Sep 2020

Courtney Connley, CNBC

Citi to dedicate more than $1 billion to initiative for closing the racial wealth gap

The initiative, which is called “Action for Racial Equity,” will focus on four key areas that relate to closing this gap including greater access to banking and credit for communities of color, increased investments in Black-owned businesses, expanded access to homeownership for Black Americans and an increased focus on anti-racist practices in the financial services industry. 

“Addressing racism and closing the racial wealth gap is the most critical challenge we face in creating a fair and inclusive society and we know that more of the same won’t do,” said Citi CEO Michael Corbat in a statement, while adding that the company is committed to using its resources and influence to “combat the impact of racism in our economy.”

... In its newly released report titled “Closing the Racial Inequality Gaps,” Citi found that if the U.S. had closed the racial gap for Black Americans in wages, education, housing and investments 20 years ago, then $16 trillion could have been added to the economy. If these gaps are closed today, the report finds that $5 trillion could be added to the economy over the next five years.