Bank of America Is Donating $1 Billion to Fight Racial Inequality CNN Business says the $1 billion will expand upon Bank of America's donations to minority-owned businesses.
The donation will be spread out over the next four years to help fight economic and racial inequality.
Recipients will include businesses and community programs affected by the coronavirus pandemic.
It will also go to nonprofits and the growth of community health services.
Another part of the $1 billion donation will go towards helping to recruit workers in impoverished areas.
In a press release, CEO Brian Moynihan said the coronavirus heightened social and economic disparities.
Amid ongoing protests against police brutality, he adds that there is a "true sense of urgency." Bank of America's charity comes as its history with minorities is on shaky ground.
In the past, the bank has been accused of discriminating against African-American job seekers.
In 2013, Bank of America paid a $2.2 million penalty for its actions from 1993 to 2005.
