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BofA Pledges $1B Donation to Address Inequalities Amid Covid-19  

June 3, 2020

Bank of America has committed $1 billion to combat economic and racial disparities exacerbated by the Covid-19 crisis, according to news reports.

The company has announced a four-year commitment to provide funds for job training, health, small businesses and housing, the Charlotte Business Journal writes. The focus of the new initiative is on minority populations most impacted by the coronavirus and expands on already running BofA programs aimed at improving economic mobility and work training, according to the publication.

Among the areas the company mentioned it could address with the new funds, which will be overseen by BofA's market executives, are Covid-19 testing, flu vaccinations, aid to minority-owned small businesses, skills training and affordable housing, the Charlotte Business Journal writes. The company will start disbursing the funds immediately, a BofA spokesperson tells the publication.

The announcement comes as protests continue around the country in response to the death of another unarmed black man at the hands of the police, according to the Charlotte Business Journal. George Floyd died last week in Minneapolis after police officer Derek Chauvin kneeled on his back and neck for several minutes. 

“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," CEO Brian Moynihan said in a statement cited by the publication. 

Moynihan was among several Wall Street CEOs who spoke out in the wake of Floyd’s death. 

“We share a deep sense of pain and loss from what we are seeing and experiencing right now in many of our local communities. Ahmaud Arbery, George Floyd, Breonna Taylor and other fellow citizens have died in deeply tragic circumstances,” Moynihan wrote in a company memo Sunday that was published by CNBC. “Many of you have shared with me your own expressions of anguish and anger about what has happened and how it is playing out across the country.”

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By Alex Padalka
  • To read the Charlotte Business Journal article cited in this story, click here.
  • To read the article cited in this story, click here.
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