Nov 20, 2020 - Economy

The next steps in Bank of America's $1 billion pledge to fight inequality

Courtenay Brown

Photo: Alex Tai/SOPA Images/LightRocket via Getty Images

Earlier this year, Bank of America committed to spending $1 billion over four years to address racial and income inequality in America, as a reckoning over systemic racism and police brutality took hold of the country. It said in September it would set aside $25 million of that initial sum for jobs initiatives in Black and Hispanic/Latino communities.

Driving the news: Now, we know the bank is giving $1 million to each of 21 colleges and universities with large populations of Black and Latino students: HBCU Morgan State University, St. Louis Community College and the University of Puerto Rico's Río Piedras campus — to name a few.

The universities will use the money to create (or expand) job training programs.
Bank of America says it will work with local employers to match the training with potential jobs.

That leaves $4 million, which will go to partners to help carry out the program over the next four years, per a spokesperson.

$1 million will go to the Aspen Institute, which is in turn collaborating with the National Center for Inquiry and Improvement, to help with "technical and programmatic assistance."
The other $3 million is being put aside for other potential partners.

Why it matters: The backlash against the police killings of George Floyd, Breonna Taylor and others pushed corporate America to commit billions of dollars to causes that combat racial inequality — more money than ever before.

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The next steps in Bank of America's $1 billion pledge to fight inequality

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