Bank of America announced on Tuesday it is committing $1 billion to help communities grappling with exacerbated economic and racial inequality caused by the coronavirus pandemic.
This is first big bank to vow monetary support following violent protests after the death of an unarmed black man at the hands of police in Minneapolis.
“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.
“We all need to do more,” Moynihan said in a statement.
Major cities across the country were hit by the worst civil unrest seen in years following the death of George Floyd last week, with demonstrators setting fire to a strip mall in Los Angeles, looting stores in New York City and clashing with police.
The protests come at a time when businesses are looking to reopen after months of coronavirus-induced lockdowns.
Bank of America said its four-year commitment will include programs such as virus testing and other health services, especially focusing on communities of color, support to minority-owned small businesses, and partnerships with historically black and Hispanic educational institutions.
