A New Standard for Equity Investments

Fifth Third Bank is investing $2.8 billion in its Accelerating Racial Equality, Equity and Inclusion initiative.

1 minute read

December 20, 2020, 7:00 AM PST

By Diana Ionescu @aworkoffiction

Ohio-based Fifth Third Bank announced a $2.8 billion investment into its Accelerating Racial Equality, Equity and Inclusion initiative, including $2.2 billion dedicated to loans. The bank outlined a three-year plan that focuses on customers, employees, and local communities with targeted outcomes in four areas: strategic investments, access to capital, financial inclusion and education, and social justice and advocacy. The plan is part of the bank's long-term goal to improve economic outcomes and create a more equitable environment for Black Americans.

The bulk of Fifth Third's investment will go towards expanding access to capital for home loans and businesses, hoping that improved opportunities will help Black families create wealth and financial stability. Along with loans, the bank will invest in tools for financial education and accessibility for the unbanked. Priscilla Almodovar, chief executive officer of Enterprise Community Partners, praised the bank for "acting boldly and decisively" in a critical time. Through such investments, organizations like hers that work on housing issues have increased support.

The bank's plans extend to its own company culture, with a set of goals aimed at increasing equity and inclusion within its workforce that include unconscious bias training, ensuring its workforce reflects the diversity of the community it serves, and eliminating disparities in the work environment.

Monday, December 7, 2020 in Business Wire

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