Citi and the Citi Foundation announced this week more than $1 billion in strategic initiatives to help close the country’s racial wealth gap and increase economic mobility.
Citi’s thrust toward racial equity includes providing greater access to banking and credit in low-income communities, increasing investment in Black-owned businesses, increasing homeownership among Black Americans, advancing 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. “We are bringing together all the capabilities of our institution — our people, our lines of business, our balance sheet, and our philanthropy — like never before to combat the impact of racism in our economy.
“This is a moment to stand up and be counted, and Citi is committed to leading the way and investing in communities of color to build wealth and strong financial futures,” Corbat said.