Citi Becomes First Wall Street Bank to Agree to Racial Audit
- Investor said Citi has “conflicted history” of addressing race
- BlackRock agreed to audit this year after shareholder request
Citigroup headquarters in New York.
Photographer: Victor J. Blue/Bloomberg
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Citigroup Inc. became the first Wall Street bank to agree to do a deep dive into its business to see if, and how, it contributes to racial discrimination.
The audit will be conducted by attorneys at Covington & Burling LLP, Citigroup said Friday on its website. The bank said the audit will focus on its 2020 commitment to dedicate $1 billion toward initiatives it hoped would help close the persistent racial wealth gap in the U.S., where the average net worth of a white family is nearly ten times higher than that of a Black family.