BAML is donating $1b over the next four years to community programs and small businesses to help address economic and racial inequality that has been exacerbated by the pandemic.
CEO Brian Moynihan said in press release Tuesday that "underlying economic and social disparities" were made worse by the pandemic and mentioned the nationwide protests sparked by the death of George Floyd in police custody has "created a sense of true urgency." Bank of America (BAC) said the money will expand health services, like vaccination clinics, in communities of color, "support" small businesses, and recruitment of new bank employees in economically disadvantaged communities. The bank has a complicated history with minorities. It was fined $2.2 million in 2013 for discriminating against black job candidates over two decades. The US Department of Labor ordered it to pay the fine after finding that more than 1,100 African-American job seekers faced discrimination at the company's offices in Charlotte, North Carolina, at various times between 1993 and 2005. Moynihan is the latest high-profile CEO to publicly speak about the protests. Fitness startup Peloton (PTON), Intel (INTC) and Verizon (VZ) also announced donations to minority oriented organizations.