Citi Pledges to Become Antiracist, Review Internal Policies
- Bank earmarks $1 billion for homeownership, Black-owned firms
- CFO Mark Mason cites the U.S. ‘national reckoning on race’
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Citigroup Inc. will spend $1 billion over the next three years on efforts to help close the racial wealth gap as it seeks to become an antiracist institution.
More than half of the funds will go toward supporting homeownership for people of color and affordable housing by minority developers, Citigroup said in a statement Wednesday. The bank also earmarked $350 million for procurement opportunities for Black-owned suppliers.